The recent recent spike in crypto prices has made China forget that it has a sour relationship with Bitcoin. This has been evidenced by the number of Bitcoin searches emanating from China in the last few days.
Search results from China’s leading search engine, Baidu, puts Bitcoin as the most searched term and it started picking up in the last few days when Bitcoin surpassed the $4K level and now almost closing the $5K level.
cnLedger, a Twitter user, commented saying that “due to the recent price surge, Bitcoin tops… Baidu hottest emerging keywords. (Baidu is like China’s Google)”
Bitcoin saw this kind of searches in late 2017 when its price reached an all-time high of 20,000 U.S dollars. The spike in crypto prices witnessed in late 2017 started weakening at the start of 2018. The downward trend continued for the rest of 2018 forcing the price of Bitcoin to reach lows of $3,200. This trend has since reversed and the price of Bitcoin, as with other cryptocurrencies, have appreciated in the last few days.
With crypto critics saying that the prolonged bear market in 2018 signals crypto death, the new strength has even made China get curious. Apart from Baidu, Google is also picking a strong charter around Bitcoin. It has also been attributed to the recent recent spike in crypto prices .
Apart from just being a keyword on leading search engines, Twitter is also recording increased activities towards Bitcoin.
The spike in Bitcoin searches on Baidu are significant considering China’s stand on cryptocurrencies. The country criminalized initial coin offerings. Additionally, cryptocurrency exchanges and trading venues were choked with regulations forcing most of them like Binance to leave while others closed shop.
Do you think the recent spike in crypto prices has left crypto critics rethinking their stand?
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