Huge Surge In Bitcoin (BTC) Searches Could Reportedly Mean Manipulation
Interest in Bitcoin and digital assets is on the rise these days, and this cannot be denied.
Google searches for BTC, on the rise
It’s been reported that Google searches for the term BTC has been spiking to levels which the online publication the Daily Hodl calls “historical” and this development is said to be the result of manipulation.
The website mentioned above notes that Google Trends shows that worldwide BTC search totals have surged beyond what they were during the bull run from 2017.
It’s been also reported that searches for Bitcoin remained stagnant.
Manipulation is mentioned by an analyst
According to the latest data provided by the online publication the Daily Hodl, Bendik Norheim Schei who is an analyst at Arcane Crypto said in a piece in Kryptografe that such a disparity could be the result of manipulation.
“There are several reasons why these results are strange. For one, this jump is completely uncorrelated with the bitcoin price. In the past, search history has followed the price movements. Today, the price is close to half of what it was on the previous ‘search peak’,” according to the analyst.
Schei continued and said: “Second, and perhaps the main reason for the suspicion of manipulation, we see no particular change in the search for the word ‘bitcoin’. Since ‘bitcoin’ is the main way to refer to the cryptocurrency, it is clear that this should have followed the same movements as the abbreviation, ‘BTC’.”
It’s been also revealed that in places such as the US, Hong Kong, Romania, Argentina, Thailand, and Norway these searches spike around 3 am every night.
It’s pretty difficult to explain why this is happening according to the same analyst.
“The same pattern can be seen all over the world may indicate that VPN services have been used to distribute the search across the world, thus achieving a global trend.”
Other than this, despite the huge volatility of the crypto market, there are a lot of optimistic predictions regarding the price of BTC these days.
At the moment of writing the article, BTC is trading in the green, and the coin is priced at $10,530.73.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.