Bitcoin halving is fast approaching. This is visible at the level of Google data. Search volume for “bitcoin halving” has reached an all-time high.
Bitcoin halving at Google
The level of interest in the “Bitcoin halving” on Google has risen to an all-time high. The projected results indicate that the interest may be even twice as high as during the last halving in 2020.
Search interest for “bitcoin halving” has reached a score of 45, according to a Google Trends chart – with Google predicting it will reach an estimated score of 100 by the end of this month.
In Google Trends, a value of 100 indicates the “peak popularity” of a given term.
It is also interesting to know where the interest in halving is at the highest level. It turns out that these are countries such as Nigeria, the Netherlands, Switzerland and Cyprus. Poland was only in 45th place.
Bitcoin rate and halving
Bitcoin's halving will take place on the cryptocurrency network tomorrow. In practice, it means halving the rewards paid to miners. This time, this means the reward drops from 6.25 BTC to 3,125 BTC.
The above must actually have an impact on the BTC rate. A smaller supply of new coins combined with increased demand must lead to a supply shock and a spike in the price.
What does the situation look like on the chart? Bitcoin cost $42,200 at the beginning of the year. It rose 74% to reach a new ATH of $73,600 on May 13. But then it was time for correction. At the time of writing, 1 BTC is worth USD 61,350, which translates into a 4% drop over the day and a 13% drop over 7 days.
Market sentiment remains good. BTC's Fear and Greed Index is 57, which means the market is greedy.
Investors expect the halving to do what it has always done, which is to increase the valuation of BTC. This is probably why the mood is good despite the price drops. You can read more about this in the article in which we took a closer look at the phenomenon of prize division.
