Analytics from Google trends are showing a rather suspicious relationship between the search terms “bitcoin” and “BTC”, and this is something to be concerned about because “somebody’s trying to game the trading algorithms…”
Search For “BTC” Outperforms That Of “Bitcoin”
According to a report by Kryptografen, there has been a surprising revelation around the searches for bitcoin and its acronym, BTC. Most recently, the search for the term BTC was said to have significantly outperformed its counterpart, Bitcoin after a long time of being the underdog.
Google trend analysis shows that searches for BTC suddenly towered above those of bitcoin at a time that bitcoin price was simultaneously experiencing an instantaneous boost. As per the report, this sudden energetic move seems highly manipulative going by records of such search intensities and corresponding price turn around.
According to Kryptografen,
“That the same pattern can be seen all over the world may indicate that VPN services have been used to distribute the search across the world, thus achieving a global trend. Google Trends points out that changes have been relatively large in Romania. Is this the source, or is it just because there have been fewer searches for BTC previously? Whatever the answer is–something very strange has happened to the interest in the keyword ‘BTC’ this past week.”
The report strongly suggested that this change of events might have originated from Romania and seems to be an instrument used to instigate price surges which take place simultaneously. For instance, according to an experienced trader, Glen Goodman,
“Somebody’s trying to game the trading algorithms…
“There are algorithms programmed to look at Google Trends data and try to find correlations between numbers of searches for the word ‘BTC’ and the movements in the bitcoin price.”
“If they detect patterns, it may be profitable to trade off that data. This hacker may be buying some BTC, then sending a ton of ‘BTC’ search queries to Google, the algos see search numbers have risen and are triggered to buy a lot of BTC which pushes the price up, and the hacker then sells their BTC at a profit. Easy money!”
Is Bitcoin in For a Bull Run Propelled by Investors?
Elsewhere, large institutional players are said to have their eyes on crypto investments and this might spell growth for bitcoin. According to a report by Kryptografen, HSBC, Franklin Templeton, Sparebanken Øst and VanEck have all announced crypto projects and investments recently. With industry giants like HSBC making their way into the crypto land, analysts believe that this might be another obvious reason behind why bitcoin has seen major price increase recently.
As per the report, Franklin Templeton has registered a prospect with the Securities and Exchange Commission (SEC) focusing on the tokenization of a money market fund. The fund will invest in cash, bonds and other repo contracts, which are 100% supported backed by the government. They may also invest in stablecoins. As per their official statement,
“We believe that blockchain technologies have the ability to knit traditional asset management products and services closer to transactional payments and a registered money market fund with its shares existing as native digital assets on a blockchain and held in a digital wallet, can be an ideal stable digital asset to be used in the new economy. “
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Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
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