Bitcoin price: Economist says THIS correlates with crypto price movements | City & Busin…

Research by economist Joost van der Burgt revealed that Google searches can indicate movements in the price of the cryptocurrency.

Mr van der Burgt, a policy advisor at the Dutch National Bank, compared bitcoin price movements to Google searches for the cryptocurrency and found that there was almost a “perfect match” between the two until bitcoin price plunged at the start of the year.

He told CNBC: “Every time bitcoin was in the news, be it positive or negative, the price went up accordingly.”

Mr van der Burgt said the surge in price might not be a coincidence as it was also when bitcoin futures markets were launched.

He added: ”My take on it is that because of the introduction of futures, that might have deflated the bubble before it got to a level where it might burst completely.

“If the buzz is everywhere, it doesn’t matter exactly what the news is about… nobody wants to miss out and everybody’s trying to get a piece of it.”

Van der Burgt said bitcoin’s price movements…