The question about Bitcoin’s death appears to be screaming louder lately. This is in connection with Binance founder CZ, who on Saturday reminded the capital market that the phrase ‘Bitcoin is dead’ has been said many times before.
‘Bitcoin is dead’ searches surge to record high
CZ’s comments implied that there’s nothing wrong with such statements, as ‘Bitcoin is dead’ headlines have been shouted countless times before. His remarks come at a time when Google searches for ‘Bitcoin’ have reached a higher scale, the strongest reading in roughly four years.
Google Trends data shows worldwide searches for ‘Bitcoin is dead’ have surged to all-time highs, reaching levels not seen since the FTX collapse in November 2022. FTX exchange filed for bankruptcy protection on November 11, 2022, after a sudden liquidity crisis due to a massive number of customer fund withdrawals and loss of trust. This was the same month when Bitcoin hit its lowest monthly level at $15,599 during that year.
Why BTC is struggling and what’s next
With just one week left in October, the cryptocurrency market is facing heightened volatility. This is seen as Bitcoin fell $ 80,000 yesterday as institutional outflows, leverage liquidations, and a wide market sell-off dampen investor confidence.
Google Trends data currently shows a steep rise in negative and extreme search terms, with phrases like ‘Bitcoin is dead’ recording substantial surges. On his X account, the Binance founder noted that those particular moments of extreme negative sentiment have historically been the best times to buy BTC.
Yesterday, on Saturday, Bitcoin dropped to 79,220 after the geopolitical tensions between the US and Iran escalated further. This triggered massive $841 million in crypto liquidations within 24 hours, with long positions most affected.
BTC has bounced back, currently hovering at $80,872, but trades below its 50-day moving average, suggesting possible further volatility. The larger crypto market is experiencing greater uncertainty after US inflation figures exceeded expectations, raising concerns that the Fed could increase interest rates before the end of the year.