"Bitcoin" Google searches hit a 3 month high as volatility returns
The rise and fall with Bitcoin has often been correlated between the amount of Google searches have been made.
The chart below clearly shows that the search amount and volatility are related and of course note that this chart is not the BTC/USD vs Google search chart.
There is also a case that the price and search amount was correlated in the early days but not anymore that Bitcoin derivatives have entered the market.
(Source Reddit)
According to Google trends, the current interest is at the highest level since early August, BTC/USD price was around $11,700.
Interestingly, Africa seems to have the most interest as the top five regions are Nigeria, South Africa, Austria, Ghana and Brazil.
I was surprised that Honk Kong and Venezuala were not on the list. As civil unrest in the nations has let to increased buying activity.
South Africa seems to be going from strength to strength as cryptocurrency trading platform Paxful said its volumes grew 2,800% over the past year in the region.
The price of BTC/USD is now pulling back after testing 10K on Saturday but we are firmly in a consolidation mode. The bulls will need to come back with some force if they are to take another run at the big figure but let's hope the volatility continues. It certainly keeps us on our toes!.
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
