Bitcoin has topped the list of trending keywords in the Baidu search engine, which is the largest search engine of the country equivalent to Google.
On Twitter, it was posted that due to the recent bitcoin price surge, it has topped the hottest and emerging keyword on Baidu.
Bitcoin had fallen down from the all-time high in December; bitcoin reached a lower level of $3,200 before surging it above $5000 mark in recent times. Bitcoin reaching above $5000 mark has verified to be an important battleground. Bitcoin is trading at $4,997.95, at the time of writing.
The search analysis of Google Trend shows a huge spike in Bitcoin searches in recent days. The search for Bitcoin was three times more from 31 to 100, from March 31 onwards.
Bitcoin, the popular cryptocurrency is a hot topic in the growing Chinese market. Meanwhile, the Google search engine has also shown major growth.
Reports mention that the number of tweets that were sent per day with the word bitcoin had also peaked due to an increase in Bitcoin price.
A study conducted by Yale University economist mentions that the search results of Google and the tweets per day are certainly associated with cryptocurrency price action.
The significance of Baidu Results
Even though the nation poses as a Bitcoin mining hub, China has spoken it openly that it does not support Bitcoin as a currency. The Chinese government had prohibited ICOs in 2017 and strongly controlled trading. On many occasions, they spoke of banning a Bitcoin. However, Chinese civil court ordered that Bitcoin represents the personal property and has the legal right to be protected.
Over the growing interest in the Asian market, CCO of Bitpay, Sonny Singh said:
“A lot of times these prices spikes happen in America but now that it occurred when the markets closed. One can easily say that it shows how the Asian market is becoming.”
Sonny Singh added: “BTC trades 24/7 around the world and that has become evident. I don’t know what made the market move, but my analysts had told me that once BTC breaks the $4300 mark, it will zoom on the price charts.”
The Bitcoin relationship with the country is full of difficulties. However, it is shocking to observe such a high level of interest. The interest in Bitcoin is currently three times more than in any other product, as per the Baidu’s search engine reading of 9715 vs 2236.