Google searches for Bitcoin have surged significantly as the cryptocurrency’s price hit yet another record high above $80,000 today.
This surge in interest reflects growing global attention as Bitcoin continues to gain traction among retail and institutional investors alike.
Trump’s Win Boosts Bitcoin Interest
It is important to note that cryptocurrency interest has soared after Donald Trump’s victory in the US presidential election. His victory triggered a huge rally in Bitcoin and the rest of the market as his campaign pledged support for the sector. Once a skeptic, Trump outlined several crypto-related policies in his campaign, including plans for a national Bitcoin reserve and a commitment to end the war on crypto regulation.
While this proposed Bitcoin reserve would require legislation, likely pushing its realization to 2025, the community sees a clear path for BTC to become a treasury asset embraced by corporations, governments, and major institutions.
As such, experts point to the spike in search queries and inflows as signs of a fresh wave of retail investor interest and an influx of new participants in the market.
‘State of Euphoria’
Interestingly, Bitcoin’s impressive rise is unfolding with minimal volatility impact, as heavy profit-taking on long call options has dampened any significant reaction. According to QCP Capital’s latest update, this restrained volatility suggests that the market was already well-prepared for this bullish momentum. With Bitcoin breaking out of its multi-month range and clearing key resistance levels, the market is in a “euphoric” phase.
Perpetual funding rates are notably high, and basis yields have reached a peak last seen seven months ago, indicating strong bullish sentiment. However, QCP remains cautiously optimistic, noting the risk of short-term pullbacks, especially from potential leveraged washouts. Historically, these sharp increases in basis yields have been short-lived.
Meanwhile, the crypto trading firm expects spot prices to consolidate around current levels in the near term and for volatility to ease as markets await key macro events this week, including US CPI on Wednesday, PPI on Thursday, and Fed Chair Jerome Powell’s speech on Friday, which could provide more insight into the likelihood of a December rate cut.
