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China’s Baidu Search Trends Collide with Bitcoin’s May Bull Run

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By CCN: China may have cracked down on cryptocurrency companies, but that’s not stopping the local population from pursuing bitcoin as an investment. Economist and trader Alex Kruger did the research and found that there may be some truth to the theory that China fueled much of the gains in the BTC price last month. June hasn’t been so kind, at least so far, with the bitcoin price down more than 7% in the last 24 hours. In May, however, bitcoin was a rock star as its value expanded by a whopping 60%.

In a series of tweets, Kruger explained how he scoured search trends on China’s Google – Baidu – looking for answers and connecting the dots. As it turns out,

“China’s bitcoin popularity has definitively been on the rise.”

alex kruger tweet

Chinese investors are converting yuan for BTC. | Source: Twitter

The parallels between the bullish BTC price and Baidu search trends are likely not a coincidence. Chinese investors have reportedly been looking to offset fears of a crumbling yuan as a result of the U.S./China trade war by converting the local currency into USD or bitcoin. In fact, the value of the yuan shed 2% vs. USD on the heels of President Trump’s aggressive tariffs, according to Forbes.  Primitive Ventures Dovey Wan observed the trend early on:

Dovey Wan tweet

Bitcoin has been the champion of the trade war. | Source: Twitter

Spike in Bitcoin Interest

Kruger backed up his Baidu/bitcoin search suspicions further, pointing out that the rise in the number of Baidu bitcoin searches coincided with the cryptocurrency’s performance even in April. By May, the trend became clear as at critical points, such as when the BTC price reached $6,000 or when it muscled its way from $6,400 to $7,450 and eventually made a new 2019 peak at $8,350 amid a wave of FOMO. Kruger stated:

“Interest in bitcoin spiked either after price breakouts or during breakouts.”

He provided the following illustration:

Alex Kruger bitcoin/Baidu search trends

Bitcoin interest piqued at key price levels. | Source: Alex Kruger on Twitter

China and the U.S. Agree on One Thing

China and Baidu shared a similar behavior with Google Trends. Kruger stated:

“Both interest in bitcoin in China (as measured by Baidu Trends) and in the World (as measured by Google Trends) increased similarly and on the same dates (note: dates adjusted by time zone).”

Kruger noted a “bearish divergence,” however, that took place starting in about mid-May.

Alex Kruger on Twitter

| Source: Alex Kruger Twitter

At that time, bitcoin’s value continued to increase but searches on Baidu and Google weakened. Chinese interest in bitcoin is looking up once again, however, with Baidu searches back where they hovered at the key BTC $6,000 level. Meanwhile, “buy bitcoin” searches on Google Trends have fallen since May 31.

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NYSE files a trademark application for trading NFTs

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

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CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

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Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

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Binance.US is under investigation from SEC over trading affiliates: Report

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Binance CEO Changpeng Zhao allegedly has connections to two market makers buying and selling crypto on Binance.US.

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

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