This hacker may be buying some BTC, then sending a ton of 'BTC' search queries to Google, the algos see search numbers have risen and are triggered to buy a lot of BTC which pushes the price up, and the hacker then sells their BTC at a profit. "If they detect patterns, it may be profitable to trade off that data. "There are algorithms programmed to look at Google Trends data and try to find correlations between numbers of searches for the word 'BTC' and the movements in the bitcoin price." "Somebody's trying to game the trading algorithms," said Glen Goodman, trading veteran and author of bitcoin investment book, The Crypto Trader, who explained how this could be used to move bitcoin prices on the market. Other bitcoin and cryptocurrency analysts were quick to join Schei in pointing to potential market manipulation. Today, bitcoin is one of the most trending topics on search engines and social media, as investors attempt to keep up with its often dizzying see-sawing in. Searches for "BTC" (red) have never been higher, with Romania a possible the source of the surge. The cross-correlation value increase up to a value of. Meanwhile, Totte Löfström of Trijo News, which first reported the Google search discrepancy, found that, "if you choose to display the Google Trends result for the topic 'bitcoin', all searches containing that keyword are included: 'buy bitcoin,' 'bitcoin price,' 'where can I buy bitcoin,' and so on, the number of Google searches containing the word 'bitcoin' has increased very significantly lately." Bitcoin Interest Hits Rock Bottom: Google Trends Data Shows Lowest Score in 7 Months Bitcoin News. The cross-correlation result between Google Trends data and Bitcoins price also looks significant. Introduction Literature review Data In-sample analyze Out-of-sample forecast Economic value analysis based on Bitcoin asset allocation exercise Conclusion Acknowledgments References Reader Comments Figures Abstract This paper adds to the growing literature of cryptocurrency and behavioral finance.
The bitcoin price has in the past tracked searches for "bitcoin" and "BTC" quite closely, with a sudden rise in searches for "BTC" without a similar rise in the price highly unusual. Is this the source, or is it just because there have been fewer searches for BTC previously? Whatever the answer is–something very strange has happened to the interest in the keyword 'BTC' this past week." Google Trends points out that changes have been relatively large in Romania. An Alliance Bernstein analyst crunched the numbers using Google Trends data.
"That the same pattern can be seen all over the world may indicate that VPN services have been used to distribute the search across the world, thus achieving a global trend. 'AI' is trending in Google searches, but it hasnt yet hit the peak seen by Bitcoin in 2017.
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