JAKATRTA - The collapse in the price of Bitcoin (BTC) has reignited fresh speculation about the demise of the leading cryptocurrency. At least this is evident from the search trends on Google.
Google searches for the keyword “Bitcoin dead” spiked in the last week ending Friday, June 18, and likely hit the highest level on record.
Google Trends tracks interest in search terms over time, assigning a score of 1 to 100 based on the total number of user queries. Data is anonymized and categorized by topic and collected by location.
“Bitcoin dead” reached a score of 100 for the period between June 12–18 based on preliminary data reflected by the dotted line. The last time a search query scored 100 was in December 2017 or thereabouts.
Global searches for “Bitcoin dead” skyrocketed over the weekend. Searches for similar keywords, such as “Bitcoin is dead,” also increased sharply but did not reach new heights.
Google search results reflect peak anxiety for the cryptocurrency market after weeks of relentless selling in the price of this asset. Bitcoin's downward spiral, now in its seventh month, may have been triggered by a sweeping shift in Federal Reserve policy, which has put downward pressure on risk assets.
The explosion of the Terra ecosystem and the associated contagion effect was also a contributing factor. Poor market conditions have also given rise to credible speculation that major industry players, such as Celsius and Three Arrows Capital, are facing bankruptcy.
Mainstream media outlets have written hundreds of Bitcoin obituaries over the years. Experts have also backed the recent market crash as evidence that BTC is not a viable asset. Bitcoin is supposed to “die” 45 times by 2021, the year the digital asset hit several record highs.
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