The U.S. Dollar, being the strongest currency has been one of the most used parameters to evaluate other national currencies, assets and even cryptocurrencies. It is very much visible right now that global economies are under great threat owing to the ongoing pandemic Coronavirus.
Amid that, Google Trends has sensed a notable difference regarding the search volume of USD. Up till now, USD has been the one which holds better search volume as compared to Bitcoin. However, a minor fluctuation has been found on March 13, when Bitcoin had breached way below its key support levels.
BTC had traded even below $4000 triggering extreme volatility in the crypto market. This is, perhaps a major factor behind the incredible surge in BTC’s search volume.
By the time when the crypto market started seeing a recovery, USD managed to improve its search volume. While the shoot up in USD’s search volume largely seems to be depending upon its strength, there is one more factor which might have played a vital part.
Coronavirus, the scariest of all disease has somehow taken the world under its vicious control as most of the nations are suffering from its outbreak. While China has slowly started to come out of its dreadful impacts, Italy, a country that is renowned for its efficient medical services is still witnessing an increase in Corona positive cases. Notably, thousands have already died due to this in a country like Italy.
Meanwhile, a piece of news is making rounds these days that the US may become the next epicenter of Coronavirus. Citizens of the USA were already panicked regarding the lethal virus and this prediction has triggered fear amongst people all over again. This situation has caused almost everyone to get locked down in their own houses with required stuff like food and medicines.
This happens to be one of the chief reasons why people have started to sell off their investments including BTC. The need for hard cash and the current economic crash has pushed most of them to hold cash and not the investments. In order to avoid liquidity crunch, masses are opting to encash their investments. Chances are higher that this has caused USD’s search volume to rise significantly on Google Trends.