The crypto community’s sentiment is at an all-time low, fueling new conjecture that BTC is a dying asset.
According to Google search patterns, falling Bitcoin (BTC) prices are generating renewed anxiety about the major cryptocurrency’s doom.
Google searches for “Bitcoin dead” increased significantly in the week ending June 18, potentially reaching an all-time high. Google Trends measures search term interest over time, assigning scores ranging from 1 to 100 depending on the total number of user inquiries. The information is anonymized, grouped by topic, and aggregated by location.
Google searches for “bitcoin dead” hit all time highs over the weekend. pic.twitter.com/oDXNqGEeIL
— Alex Krüger (@krugermacro) June 20, 2022
Based on preliminary data, “Bitcoin dead” received a score of 100 for the period June 12–18, as indicated by the dotted line. The last time the search query received a perfect score was around December 2017.
Following weeks of persistent asset price selloffs, the Google search results show peak fear for the cryptocurrency markets. The Federal Reserve’s major policy move, which has put downward pressure on risk assets, may have initiated Bitcoin’s downward spiral, which is now in its seventh month. The implosion of the Terra biosphere and its associated infectious consequences has also played a role. Adverse market conditions have also fueled serious conjecture that big industry companies such as Celsius and Three Arrows Capital are on the verge of bankruptcy.