The recent surge in the global cryptocurrency market has resulted in a significant increase in searches for “buy Bitcoin” on Google. In the United Kingdom alone, searches for this term skyrocketed by a whopping 826% in just one week. This surge in interest indicates the growing curiosity and potential impact of traditional financial institutions’ involvement in the realm of digital assets. It’s not just the UK that’s experiencing this spike in searches; web users from various countries around the world have also shown a noticeable increase in searches related to purchasing Bitcoin.
In the United States, searches for “should I buy Bitcoin now?” increased by over 250%, while more specialized queries such as “can I buy Bitcoin on Fidelity?” surged by a staggering 3,100% in the last week. Additionally, the global search term “Is it a good time to buy Bitcoin?” saw a gain of 110% in the past week. This growing enthusiasm for information extends to BlackRock’s Bitcoin exchange-traded fund (ETF), with searches for “BlackRock Bitcoin ETF” increasing by 250%.
This surge in interest coincides with the recent surge in Bitcoin’s price, which briefly surpassed $35,000 for the first time since May 2022. The excitement surrounding the approval of a spot Bitcoin ETF, which many experts believe will lead to increased institutional buying, may be driving this surge in interest. Senior ETF analysts predict a 90% probability of the approval taking place by January 10 next year.
As of now, Bitcoin has experienced a remarkable 27% increase in the past two weeks. This sudden surge in interest also led to an end to a long-standing NFT lawsuit. Two NFT artists, Ryder Ripps and Jeremy Cahen, have been ordered by a US district court judge to pay a total of $1.57 million in disgorgement and damages to Bored Ape Yacht Club creator Yuga Labs. The judge also awarded Yuga Labs legal fees and concluded that the defendants intentionally infringed on Yuga’s trademarks with the intent to profit from them.
The Bored Ape Yacht Club is one of the most valuable NFT collectibles on the OpenSea marketplace, with a trading volume of 1.32 million Ether (ETH) or $2.38 billion since April 2021. The average floor price for a Bored Ape collectible is 27.4 ETH ($49,200).