Quarantines accompanied with social distancing have also paved way for people to spend increasing time online.
Baidu, the popular search engine, has recorded significant increase in online searches for “Bitcoin” (BTC).
The info index indicates that Bitcoin related searches rose by 183% in the past one month, while the number of individuals on the lookout for information related to cryptocurrencies on smart phones and mobile gadgets have also surged.
The surge in interest may be associated with the hypothesis that a worldwide economic decline may boost the value of cryptos as a cover against risk related to banks.
As access to Google is unavailable in China, Baidu remains the numero uno alternative. Nevertheless, people across the globe and not just Chinese are interested in cryptos.
Search related to Bitcoin in the US rose to a 30-day high on March 13. This was soon after the cryptos recorded their largest daily decline in the past seven years when more than $1 billion worth long positions were liquidated.
With a huge percentage of world population now connected to the web than ever, it is not overwhelming to see an increase in interest towards Bitcoin.
Notably, searches related to investing/buying the crypto is considerably higher than those looking for an opportunity to sell.
The info seems to be slightly strange as numerous residents of the US are actively advised to stay aloof, which is causing unemployment.
Bitcoin traders may have to offload a portion of their holdings to manage their day-to-day costs and still it looks like many are planning to buy more.
The crypto sector has demonstrated that it can turn extremely volatile as conventional market when the world economy is fighting a pandemic.
Nevertheless, the value of BTC has almost turned stable following the steep decline two weeks earlier, and traders may be assessing the situation to purchase before the price starts appreciating.