Sentiment in the crypto community is at an all-time low, prompting renewed speculation that BTC is a dying asset.
Plunging Bitcoin (BTC) prices are fueling speculation about the demise of the leading cryptocurrency, according to Google Search Trends.
Google searches for “bitcoin dead” surged in the week ending Friday, June 18, probably reaching their highest level on record. Google Trends tracks interest in search terms over time and assigns scores from 1 to 100 based on total user queries. The data is anonymized, categorized by topic and aggregated by location.
Bitcoin Dead scored 100 points for the period between June 12th and June 18th based on preliminary data represented by the dotted line. The last time the query scored 100 was around December 2017.
Global searches for “Bitcoin dead” skyrocketed over the weekend. Searches for similar keywords like “Bitcoin is dead” also rose sharply, but failed to reach a new high. Source: Google Trends.
Google search results reflect the greatest concern for cryptocurrency markets after weeks of unrelenting sell-offs in asset prices. Bitcoin’s downward spiral, now in its seventh month, may have been triggered by the Federal Reserve’s massive policy shift that has put risky assets under pressure. The implosion of the Terra ecosystem and the associated contagion effects also contributed to this. Adverse market conditions have also led to credible speculation that major industry players such as Celsius and Three Arrows Capital are facing bankruptcy.
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Mainstream media has written hundreds of Bitcoin obituaries over the years; Its experts have hailed the recent market plunge as evidence that BTC is not a viable asset. Bitcoin is said to have “died” 45 times in 2021 alone — a year that saw the digital asset hit multiple record highs.