The collapse in Bitcoin (BTC) prices is reviving speculation about the demise of the leading cryptocurrency, according to Google search trends.
Google searches for “dead bitcoin” soared in the week ending Friday, June 18, and likely reached the highest level on record. Google Trends tracks interest in search terms over time, assigning scores from 1 to 100 based on the total number of user queries. Data is anonymized, categorized by topic, and aggregated based on location.
Google searches for “dead bitcoin” hit all-time highs over the weekend. pic.twitter.com/oDXNqGEeIL
— Alex Kruger (@krugermacro) June 20, 2022
“Dead Bitcoin” achieved a score of 100 for the period between June 12 and 18 based on preliminary data reflected by the dotted line. The last time the search query got 100 was in December 2017 or so.
Global searches for “Dead Bitcoin” soared over the weekend. Searches for similar keywords, such as “Bitcoin is dead,” also increased sharply, but did not reach a new peak. Source: Google Trends.
Google search results reflect heightened anxiety over cryptocurrency markets following weeks of relentless selloffs in asset prices. Bitcoin’s downward spiral, now in its seventh month, may have been triggered by the massive change in Federal Reserve policy, which has put downward pressure on risk assets. The implosion of the Terra ecosystem and its related spillovers have also been a contributing factor. Adverse market conditions have also led to credible speculation that major industry players such as Celsius and Three Arrows Capital are facing insolvency.
Related: Bitcoin mints over 13,000 ‘wholecoiners’ in the last seven days
Hundreds of Bitcoin obituaries have been written by the mainstream media over the years; its experts have been applauding the latest market crash as evidence that BTC is not a viable asset. Bitcoin reportedly “died” 45 times in 2021 alone, a year in which the digital asset hit multiple all-time highs.
This post ‘Dead Bitcoin’ Google Searches Hit New All-Time High
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