Bitcoin Halving Explained Simple – Does it Affect Bitcoin’s Price?

Interest in bitcoin has halved
CONTENT

  • The number of searches on Google affects the cost of bitcoin

  • The decline in the price of bitcoin is associated with a decrease in the number of requests

  • Growth of queries on the topic "halving" raises the cost of cryptocurrency

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This is evidenced by the data of the analytical service Google Trends.

Interest in bitcoin has halved

Previously, it was proven that the cost of bitcoin is directly correlated with the number of searches on Google and increases as requests grow. The largest surge in interest over the past year has been correlated with the rise in bitcoin from lows of $ 6,400 in December to $ 10,500 by mid-February, suggesting that the growth in search queries on the topic “halving halving reduces the number of new coins created and earned miners twice. This happens about every four years and … More Bitcoin “.

Since mid-February, the number of searches on the Google network has decreased. At the same moment, the attention of the community switches to the coronavirus epidemic. Google records the rapid growth of search queries “COVID-19”, “coronavirus” and others.

Interest in bitcoin has halved

At the same time, the number of searches for bitcoin is reduced by almost half in relation to the number of requests before February 15. The maximum drop in the number of requests on the topic “bitcoin” and “bitcoin price” falls on March 7. At the same time, bitcoin falls in price from $ 6400 to $ 3800.

Experts cite several factors at once as reasons for the fall in bitcoin: investor speculation, a fall in the stock market and a decline in the Dow Jones and S indices.&P500, market panic caused by the spread of the coronavirus epidemic. At the same time, there is a decrease in search queries on the Google network, which could also affect the fall in the value of the cryptocurrency..

By the end of March, the number of searches for “bitcoin” and “bitcoin price” has increased by about half. At the same time, bitcoin is showing rapid growth and wins back half of its value after the fall. At the end of March, the price of the cryptocurrency rises to $ 6800 apiece.

In the period from April 4 to 12, there is a decrease in the number of search queries on the topic “bitcoin” and “bitcoin price” to the level of mid-March.

Interest in bitcoin has halved

Such low community activity can negatively affect the price of the cryptocurrency and lead to a decrease in its value..

At the same time, the number of searches on the topic “bitcoin halving” continues to increase on the Google network..

The number of requests for the upcoming Bitcoin halving has tripled since the end of March. This can positively affect the value of the coin and strengthen its price in the run-up to the halving..

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Interest in bitcoin has halved

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