Bitcoin and the token short name BTC are some of the most popular searches on the Internet. However, in the past month, there has been a strange activity in BTC google searches, with a sharp rise for the token name, and no change in the searches on Bitcoin.
Source: Google Trends
According to specialists in the field, this data might show an attempt to artificially pump the price of the cryptocurrency, as cryptocurrency values are often affected by the interest they gather on social media and the Internet.
A representative from Kryptografen, a cryptocurrency analysis website, has said that the inexplicable peak in searches probably originates from Romania. Unfortunately, this cannot be proven as many of the searches might have been distributed to other countries through a virtual private network (VPN).
BTC Google searches rise despite no change in price
According to economists, the inexplicable rise in BTC Google searches is even more strange considering there have been no significant changes in the value of the cryptocurrency.
While Bitcoin and blockchain technology are becoming increasingly popular, and even the FDA has decided to delve into the possibilities they offer, the price of the cryptocurrency has been steadily revolving around the ten thousand dollars (USD 10,000) mark.
According to Glen Goodman, who is an expert in cryptocurrency trading, the sudden spice in BTC Google searches is an obvious attempt to manipulate trading algorithms, so that more of the cryptocurrency is purchased. Many traders use automated trading bots, which sometimes monitor search trends on the Internet, and make purchases based on the data they receive.
The mechanism is simple: a hacker decided to invest in Bitcoin, bought some tokens, and artificially tried to increase their value by boosting search trends. An increase in search queries almost always means an increase in the price per Bitcoin.
According to specialists, whoever is behind the manipulation has a deep understanding of the way algorithms work, as they scheduled to outburst in searches for the quietest times between four and five in the morning, in order to achieve the best results.
Unfortunately, such manipulations corrode the trustworthiness and credibility of cryptocurrencies globally.
