The month of April was ushered in with great news for the cryptocurrency community. It’s only the 5th day of the month, but the market is showing something promising and that can be pinpointed on Bitcoin. Its recent spike in price has gotten the attention of cryptocurrency enthusiasts, critics, and countries where the virtual asset is not legally traded.
China’s Policies Makes it Difficult to Trade Bitcoin
Among these nations is China, an East Asian country whose policies has made it difficult for people in the region to trade cryptocurrencies. The government banned Bitcoin and ICOs in 2017. It resulted in cryptocurrency news platforms on WeChat such as Huobi, Lanjiner, Jinse, and Deepchain closing their accounts.
A local media outlet also informed that Baidu, a search engine giant targeted at people in China began restricting people from accessing cryptocurrency forums. On inputting such websites, it informed them that the platform is closed due to “relevant laws, regulations, and policies”
Bitcoin’s Spike Gets China’s Interest Despite Ban
Nevertheless, the most recent hike in Bitcoin’s price has gotten the attention of citizens in the country. The search trend on Baidu reveals that when Bitcoin began its movement from $4,200 to $4,800 on April 2nd, the term “Bitcoin” became the most searched for the day.
In the same vein, there was a big gap between the second most searched term and Bitcoin. While Bitcoin recorded 9,715 hits, the second came in at around
2,236 hits. Therefore, it really had no contender given that it was more than thrice the search volume of the second term.
So, what does this all mean? Are there people in the region keeping a close eye on Bitcoin even though they may not be able to trade. Are they also using other alternatives that will enable them to buy and sell Bitcoin? At this point, only one thing is certain. The Chinese are very much interested in Bitcoin, a fact that is based on the recent number of searches on its own search engine.
China, India, and Russia Could Impact Positively on Bitcoin’s Price
Many have pointed out that if Bitcoin gets adopted in China, India, and Russia, which are regions with stringent crypto regulations, then it can do the virtual asset some amount of good. India, for instance, is known to place emphasis on the effects of investing in cryptocurrencies. Some banks in the area hav closed the accounts of those found trading the asset.
These aside, Google Trends also revealed that Bitcoin has been one of the trending topics this week. On April 2, the keyword came in 2nd with 10,000 daily search volume in the U.S. On April 3, it ranked 7th and still maintained a 10,000 daily search volume.