Google search interest in Bitcoin has doubled this week amid a massive surge that has pushed its price above $44.000.
Data from Google Trends, Google’s trending search tool, shows that search interest in Bitcoin worldwide has doubled over the past 7 days, rising from 32 points on November 29 to 62 points at the time of writing.
The surge in search interest for Bitcoin on the Internet comes amid the explosive growth that the cryptocurrency is experiencing in its price, which is It is quoted very close to $44.100 dollars by BTC.
The price of Bitcoin approached $45k on Wednesday, retreating slightly in the last few hours.
Source: Google Trends
Will Clemente, co-founder of Reflexivity Research, commented that as the price of Bitcoin hits a new high in 2023, search interest in the cryptocurrency is also skyrocketing. “There will be nasty corrections along the way, but this is not euphoria,” said Merciful.
Why is Bitcoin rising?
The main reason analysts point to for Bitcoin's current surge is the growing expectation surrounding the possible approval of a spot ETF by the SEC in the United States.
In recent weeks, Bitcoin ETF applicants have made significant progress with the country’s securities regulator. For example, BlackRock filed a new document related to its Bitcoin exchange-traded fund application. It is an S1 review in which the investment giant proposes changes to some of the parameters of its spot ETF.
Commenting on the new paper, Bloomberg ETF analyst James Seyffart said: said that the Bitcoin Spot ETF applicants are still working to secure SEC approval and that BlackRock's proposed changes to its application are likely a result of the hard work being done by both the fund manager and the securities regulator.
Source: CoinMarketCap
Market anticipation surrounding the possible approval of this investment vehicle is driving up the price of Bitcoin, which has grown by more than 5% in the last few hours, 15% in the last week and 158% in the last year. Also, rumors about the possible intention of Qatar's sovereign wealth fund to invest up to $500.000 billion in Bitcoin caused a stir in the crypto community and are influencing Bitcoin's recent rise, according to analysts.
Bitcoin Maximalist Max Keizer said on social media that Qatar could be considering an unprecedented investment in Bitcoin, which would push the price of the cryptocurrency beyond $100.000.
El Salvador and Nigeria lead Bitcoin searches
El Salvador, the first country in the world to declare Bitcoin legal tender and Nigeria, considered the most dynamic crypto market in the world and the country with the population more aware of Bitcoin and cryptoassets, are currently leading global search interest in Bitcoin.
Source: Google Trends
According to Google Trends data, El Salvador scores 100 in terms of cryptocurrency search interest. Nigeria, which ranks second, scores 50. Switzerland, the Netherlands, and Slovenia follow with scores of 42, 42, and 32, respectively.
Through this metric, the Google Trends tool identifies the locations with the highest number of searches for the term “Bitcoin” that have taken place in the last week, calculating the values on a scale of 0 to 100.
The Google tool also points out that searches related to the terms “Bitcoin Currency”, “Bitcoin Price”, “Qatar Bitcoin” and “Why is bitcoin going up”, have risen significantly, up to 750%, at the time of going to press.
Continue reading: Bitcoin price breaks the $40.000 barrier
