The popularity of the Keywords Bitcoin in major search engines in China has been increasing since the beginning of 2019, after the strong rally of the Bitcoin in the first half of the year, steadily.
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The popularity of Bitcoin as a keyword for local search engines in China increased to 2019 strong
Since January, within only nine months, has risen to the Bitcoin exchange rate 3,736 $ to $ 10,000. Alex Krueger, an Analyst for global markets, noted that the increase in the search interest of Bitcoin goes hand in hand with the trade talks between the United States and China.
Bitcoin searches (比特币, in blue), spiked concurrently as searches for Trade Was (贸易战, red) & Trump (特朗普, orange) … once only, in May/14, when China called for a People’s war against US. Other subtle instances can be easily attributed to chance. pic.twitter.com/IUEcWhGFxN
— Alex Krüger (@Krug macro) 20. September 2019
“Bitcoin seeks simultaneously to trade war and Trump… once in may/14, as China called for a people’s war against the United States. Other subtle instances can easily be attributed to chance,“ he said.
While the tensions between the United States and China escalated, and a potential trade agreement in danger, it seems, increased the demand for Safe-Haven investments, and alternative value to store as Gold.
Although it is still too early to Bitcoin to determine as a Safe Haven Asset due to his weak Performance in the third quarter of 2019 in comparison to the Gold rally to encourage rising geopolitical risks, investors have to look to Alternatives. Investors and traders throw increasingly a view in the direction of Bitcoin and crypto-currencies, although these were previously never interested in the asset class.
What keeps the interest in Bitcoin, with a blanket ban?
China has currencies trading with Crypto in the Region has long been prohibited, which creates a difficult environment for Over-the-Counter (OTC) Trading Desks.
Consequently, the largest part of BTC has shifted volume in China since the beginning of 2018, according to Hong Kong, because of the important crypto-offer exchanges services that can meet the demand of Chinese investors.
In recent years, it has expanded the U.S.-crypto-currency market, where futures markets such as CME provide great liquidity for accredited and institutional investors.
Japan and South Korea are the other two dominant regions in the Bitcoin spot market
Chinese investors get in on OTC Desks in Hong Kong in the crypto-market, local regulations handle in connection with Offshore companies.
Once crypto-currencies have been purchased, investors can trade through the use of VPNs and stable coins like Tether assets with more flexibility on international platforms.
The influence of the Chinese Bitcoin market in the past, on the price development of the asset has been significantly reduced, but if the popularity of the asset in China is under increasing voltage increases due to trade talks with the United States, could perceive a growing number of investors, the Bitcoin as an alternative store of Value, and in the asset on Hong Kong, invest.
As Krueger stressed the increased in strengthening the search for the currency pair USD/CNY on local search platforms, the search interest in BTC, which could be an indication that local investors are watching in spite of the ban, the asset class continues to.
“Bitcoin-Seeking seem to often move in accordance with USDCNY-Looking… but that is probably due to the week-end. The 5. August USDCNY outbreak can be an exception, since everyone started to talk about it,“ says the Analyst.
Text Evidence: Crypto Slate, Joseph Young