RATE Group | Bitcoin Pullback Is Healthy, Fewer Searches Аre Good
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Bitcoin Pullback Is Healthy, Fewer Searches Аre Good

15 Jul Bitcoin Pullback Is Healthy, Fewer Searches Аre Good

Posted at 17:27h in Bitcoin News by

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Fundstrat Global Advisers co-founder Thomas Lee wrote that the recent Bitcoin (BTC) pullback is healthy in a tweet on July 14.

In his tweet, Lee also addressed concerns over the recent decrease in Google searches for Bitcoin:

“As for the search traffic for bitcoin being low, I also think that is a good sign. It means the rise in Bitcoin has not been accompanied by massive hype.”

According to search analytics service Google Trends, Google searches for Bitcoin from within the United States have decreased by about 45% since their recent peak at the end of June.

Google search data for Bitcoin in the U.S. Source: Google Trends

Google search data for Bitcoin in the U.S. Source: Google Trends

The CEO of major cryptocurrency exchange Binance, Changpeng Zhao, said in an interview with Bloomberg on July 12 that the recent rally has been mostly driven by retail investors, who still account for about 60% of total trading volume. Zhao said:

“We have not seen institutions growing faster. […] What we’ve seen is pickup in both places. The number of…

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