Cryptocurrency exchange data, obtained from Google Trends, Twitter, and Baidu, indicates that the recent drop in the Bitcoin price hasn’t halted people from searching for ways to buy this digital currency. As a result, this has led to exchanges recording volume increase and cryptocurrency account signups, spiking by 83% in recent weeks.
Exchanges Record Increased Traffic
The price of cryptocurrencies, similar to other financial markets, has been struggling in recent weeks. At the moment, the Bitcoin price is below the $6,000 mark, which marks a drastic downturn from the $10,000 it was trading at just a few weeks back.
However, despite the recent decline in prices, cryptocurrency exchanges continue to record an increase in traffic as more people seek ways to buy digital currencies. Statistics show that people are more interested in buying Bitcoin at the moment than actually selling them.
According to financial columnist Michael Del Castillo, Kraken saw a massive surge in new account signups last week. The report noted that the San Francisco-based cryptocurrency exchange recorded an 83% rise in registration during the week after the 12th of March.
Kraken wasn’t an isolated case as several other crypto exchanges around the world saw higher trading volumes and an increase in new accounts. Although cryptocurrency exchanges usually record astronomical volumes during a bull run, it is surprising that they are witnessing such numbers despite the market underperforming in recent weeks.
Another exchange, Coinbase, is also recording a massive increase in trading volumes at the moment. On March 20, Danny Nelson and Nikhilesh De reported that Coinbase saw an enormous surge in traffic during the week, despite the market fallout.
Brian Armstrong, the chief executive of Coinbase, noted that the hard work contributed to their stability last week as many platforms, both in the crypto and traditional financial markets, struggle to cope with the increased volume. Coinbase revealed that it processed transactions worth over $2 billion in just 48 hours. The surge in trading volume comes at a time when Coinbase employees are working from home due to the Coronavirus outbreak affecting the workplace.
Coinbase’s head of engineering, Jesse Pollak, pointed out that they had been preparing for this kind of busy week since the bull run of 2017 that saw BTC (Bitcoin) price surge to $20,000 per coin.
‘Buy Bitcoin’ Searches Increase
Statistics obtained from Google Trends, Baidu, and Twitter show that the number of searches for ‘Buy Bitcoin’ has significantly increased in recent weeks. On Saturday, March 21, the researcher from Shenliancaijing published a study showing that searches for the terms “bitcoin” and “buy bitcoin” were up by 183% over the past few weeks.
The research further highlighted that searches for the terms “blockchain” and “ethereum” on Baidu have also gone up exponentially. Searches for the terms ‘Bitcoin’ and ‘Buy Bitcoin’ on Google’s browser have significantly gone up. The interest level on the word ‘Bitcoin’ surged from 29 to 56 on Google Trends. The data further shows that people are more interested in buying Bitcoin than selling them at the moment.
On Twitter, the term ‘Buy Bitcoin’ has also been trending more than usual. Various cryptocurrency supporters are tweeting on social media that this is the perfect time to buy Bitcoin due to the low prices.