The google searches for ‘’Bitcoin Halving’’ increased over past some months and witnessed twice as compared to previous halving event happened in 2016.
While google trend searches for ‘’Bitcoin’’ descends in past some days showing the decline of interest in cryptocurrency. However, it reached 12-months high value on March 12 as investors saw it a safe-haven asset amid Coronavirus outbreak.
Halving is Coming
The data of Google Trends reveals that people are taking interest in halving the top leading asset as searches surged in the past some months. This shows traders and investors are waiting for this event to happen. It is supposed that price value always goes up after the reward cut into half. This is due to the scarcity caused by the shortage of supply because fewer coins enter into markets.
The cryptocurrency analytics firm Arcane Research pointed out that the search volume is doubling for this halving as compared to the past one happened in 2016.
The search volume for #bitcoin halving keeps accelerating 🚀 and is approaching levels twice as high as those seen around the previous halving in 2016 pic.twitter.com/XsZFDHZZFq
— K33 Research (@K33Research) April 5, 2020
Bitcoin halving is the most important event in Bitcoin’s history. As we know, halving cut the mining reward into half, and this time, the block reward will cut from 12.5 BTC to 6.25 BTC.
Interest in Bitcoin is Losing
On the other hand, investor’s attraction for Bitcoin as a safe-haven asset declining in the past couple of days and is continuously lowering. This trend parallels the pre-March behavior of the search engine.
On March 13, people searched for Bitcoin exponentially, and the number of searches reached twelve months’ highest figure amid global uncertainty in financial markets caused by Coronavirus. In that gloom shadow spread across the financial world following lockdowns, people sought for Bitcoin as a safe-haven asset. As analysts often call bitcoin a safe hedge in unnatural conditions, including the financial crisis.
The leading asset performed opposite as it lost half of its value on March 12 and 13 amid the global financial crash. However, it recovered itself in half month but the coin next move means a lot to the crypto community.
At press time, Bitcoin is trading at $7,298 with a -0.92% decrease in the past 24-hours.
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