The level of user interest in Bitcoin’s “death” reached its peak.
The relevance of the search query “Bitcoin is dead,” according to Google Trends, was at its highest level as of June 18. This is the second time in the market’s history that this query scores 100 points. For the first time such a situation was observed between December 10 and 16, 2017, when the price showed the maximum values within the current growth cycle, soaring from $1 to $19,500 in a year.
This time, the increase in the number of requests “Bitcoin is dead” occurred amid the strongest fall in the quotations, along with which the crypto market capitalization significantly decreased.
But users’ concerns on Google do not reflect the investors’ mood. So, according to Glassnode, when the market falls, the number of wallets containing 1 BTC and more increased by more than 13,000 during the week. Total holders of “whole” bitcoin at this moment is more than 865,000, while the number of accounts with balances over 0.1 BTC increased by almost 100,000, reaching 3.6 million. This points to the massive purchase of assets by users on the background of confidence in its future.
Recall that Bitcoin was buried 45 times during 2021. The current concern about the “death of Bitcoin” comes amid the fact that 72 cryptocurrency assets from the top 100 have lost more than 90% of their maximum values. The price of BTC is down about 70% from its ATH level of November 10, 2022.
