Increased Interest in Buying Bitcoins Due to Price Growth and Potential Approval of Spot Bitcoin ETF
Date: 2023-10-27 Author: Dima Zakharov Categories: BUSINESS
Increased Interest in Buying Bitcoins Due to Price Rise
According to the latest Google Trends data, search queries for "buy Bitcoins" have unexpectedly increased by 826% in the United Kingdom. This surge in queries is also observed worldwide. It was triggered by the sudden rise in the price of Bitcoin, reaching $35,000. This confirms that the interest in cryptocurrency remains relevant and is growing daily.
This sudden surge in interest in the United Kingdom is linked not only to the increase in the price of Bitcoin but also underscores the role of traditional financial institutions in the world of digital assets. This could be related to the potential involvement of major financial institutions in the cryptocurrency market, which has piqued the interest of investors and the public.
Possible Approval of Spot Bitcoin ETF and Its Impact on the Market
In addition to the growing interest in buying Bitcoins, another significant topic that has drawn the attention of investors and analysts is the potential approval of a Spot Bitcoin ETF (Exchange-Traded Fund). Queries related to this topic, such as "BlackRock Bitcoin ETF," have increased by 250%.
This interest is driven by the likelihood that the U.S. Securities and Exchange Commission (SEC) may approve a Spot Bitcoin ETF. Analysts estimate a 90% chance of approval by January of the next year. If approved, this could lead to significant market dynamics in the world of cryptocurrencies.
It is worth noting that the increase in queries about "Is it worth buying Bitcoin now?" by 250% in the United States indicates that investors are actively exploring cryptocurrency investment opportunities ahead of the potential approval of a Spot Bitcoin ETF.
Influence of Bitcoin Price Dynamics on Search Queries
The growing interest in buying Bitcoins, as indicated by experts, is not solely due to the price increase but is also associated with the prospect of further market development. In the past two weeks, the price of Bitcoin has risen by more than 27%, according to data from TradingView.
However, the future growth of search queries will depend on the path that the Bitcoin price takes in the coming months. If it continues to ascend, we can expect even greater interest from investors and users. In the event that the price stabilizes around $34,000 and ceases to demonstrate active growth, search queries may start to decline.
