The falling price of Bitcoin (BTC) is reviving new speculation about the demise of the leading cryptocurrency, following Google's search trends.
Google searches for "Dead Bitcoin" spiked in the week ending Friday, June 18 and are likely to hit the highest level on record. Google tends to track interest in search terms over time, setting a score of 1 to 100 based on the total number of user queries. The data is anonymized, thematically categorized, and aggregated based on location.
"Bitcoin is dead" reached a score of 100 between June 12 and 18 based on preliminary data reflected by the dot line.The last time a search query reached 100 points was in December 2017 or nearby.
Google's search results reflect the extreme anxiety for the cryptocurrency market after weeks of relentless sell-offs over asset prices.Bitcoin's downward spiral, now in its seventh month, could be triggered by a major shift in Federal Reserve policy, which has put downward pressure on risky assets. The collapse of the Terra ecosystem and its associated ripple effects are also a contributing factor.Adverse market conditions have also led to credible speculation that major companies in the industry, such as Celsius and Three Arrows Capital, are facing defaults.
The mainstream media has written hundreds of obituaries on Bitcoin over the years; Their experts cheered the latest market crash as proof that BTC is not a viable asset.Bitcoin is believed to have died 45 times in 2021 alone – a year in which digital assets hit record highs.
