Concerned about the current bear market, consumers have begun searching for “Bitcoin dead” on Google. Since the collapse of Terra, one of the most well-known cryptocurrencies, which dropped to zero in a matter of days, speculation about bitcoin and other cryptocurrencies has increased.
Bitcoin sank to $17,708.62 last week, according to CoinMarketCap data, pulling alts down with it. According to Google search patterns, the decrease was interpreted as bitcoin’s demise.
On June 18, consumers’ fearful Google searches for “Bitcoin dead” reached an all-time high. Google Trends calculates a score from 1 to 100 based on the total number of user searches and assesses the popularity of search keywords over time. The data is anonymised, categorized, and grouped by geographic location.
Google searches for "bitcoin dead" hit all time highs over the weekend. pic.twitter.com/oDXNqGEeIL
— Alex Krüger (@krugermacro) June 20, 2022
Based on the statistics, the search term received a 100 over the period of June 12-18, and the last time it received a 100 was in December 2017. Users are concerned about the current market conditions, as seen by their anxious quest for the cryptocurrency’s death. The market has become more chaotic as a result of the peaking liquidation and selloff caused by volatility and panic.
The collapse of the Terra ecosystem, combined with rising inflation and Fed policy moves, put a lot of pressure on bitcoin and other assets. As a result of the market conditions, Celsius’s withdrawals, swaps, and transactions were halted for more than seven days, and Three Arrows Capital was forced to declare bankruptcy.
