Baidu Bitcoin Search Shows Spike of Chinese Interest in Crypto

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Chinese citizens have always had a keen interest in bitcoin. Despite the government’s harsh stance against cryptocurrencies, China mines 70% of the world’s bitcoin. The Baidu bitcoin search data from last month, highlights an overwhelming increase of interest since bitcoin began its surge.

The beginning of this month hasn’t been very favorable for bitcoin. Prices dropped by more than 8% since the beginning of the month. Last month however, bitcoin’s value increased by the crazy amount of over 58%.

Some experts even believe that bitcoin’s price surge was aided quite a bit by Chinese interest.

There's been a lot of talk about how China has been the driver behind Bitcoin's move up since the first week of May. So I decided to look into bitcoin Baidu trends (China's Google). China's bitcoin popularity has definitively been on the rise. ? pic.twitter.com/kQ38WJfGjp

— Alex Krüger (@krugermacro) June 3, 2019

Alex Krüger looked into the Baidu bitcoin search hype from last month. Baidu is known more commonly as the Chinese Google and it’s no surprise it shared in last month’s hype. Krüger believes that the parallels between bitcoin’s surge and the Baidu bitcoin search data is not a coincidence.

Baidu bitcoin search is bound to increase as the trade wars heat up

It’s a public secret that many Chinese investors are looking to dump their yuan into crypto. That being said, there is clearly no winning side in the trade wars…except bitcoin.

Maybe just a coincidence but you tell me

Bitcoin is winning the trade war while China and US is a lose-lose pic.twitter.com/8FmVcaHjjh

— Dovey Wan ? ? (@DoveyWan) May 13, 2019

Diving deeper into the Baidu trends, Krüger stated that there was also a significant Baidu bitcoin search increase in April. The trend became clear by May as the interest seemed to have increased mostly after and during price surges.

In both China and the World interest dropped drastically since May/14, while price kept moving higher — a bearish divergence. As of Sunday Jun/2, the Baidu Trends level was back to May/9 levels, when bitcoin was trading at $6,000. pic.twitter.com/AzujbnkWRw

— Alex Krüger (@krugermacro) June 3, 2019

Google Trends showed a similar increase in bitcoin searches. This is fairly common since a lot of people who are not into crypto remember that bitcoin was worth $20K just a little over a year ago.

It’s very clear however, that people are aware that the bear market is over. Yes, most investors are still cautious when it comes to crypto and especially ICOs, but as the trends of both Baidu and Google show, the interest is growing and it’s only going to get bigger.

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