Bitcoin Search Volumes on Baidu
Simultaneously, LongHash reported that Bitcoin search volumes on China’s search engine, Baidu, are at a new monthly low. Search engine search volumes and social media sentiment are two popularly-used indicators of judging price movement and have a seemingly strong correlation. Searches for Bitcoin on both Google and Baidu peaked during the bull run of late-2017, as more fresh investors entered the market, curious about the emerging asset.Citizens Experiencing More Pressing Concerns
It’s impossible to say with certainty why the volume has dropped to such a low level. There are a number of factors that could be at play here. One possible reason for the reduction in search volumes, at least, is the fact that China is undergoing a grave public health situation with the outbreak of the coronavirus.Reports from inside the city of Wuhan have shown citizens to be taking extreme cautions to prevent infection and it would not be surprising if citizens from other areas of China are similarly holding this to be of the highest concern. It is also the beginning of the Lunar New Year, which could be another reason for low volumes as people normally take time off to spend with family and friends.Just entered Hubei Province where the #coronarvirus outbreak started. virtually nobody on the streets here. At the checkpoint the police said we can go in but they won’t let us back out. It looks like the entire province of Hubei, population 30 million, to be locked down.#China pic.twitter.com/DnwPAT9Dgs
— Stephen McDonell (@StephenMcDonell) January 25, 2020
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