RATE Group | This chart could explain why the bitcoin bubble hasn’t fully burst
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This chart could explain why the bitcoin bubble hasn’t fully burst

01 Sep This chart could explain why the bitcoin bubble hasn’t fully burst

Posted at 05:56h in Bitcoin News by

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“Every time bitcoin was in the news, be it positive or negative, the price went up accordingly,” van der Burgt said in a phone interview with CNBC on Wednesday.

Van der Burgt said the correlation between Google searches for bitcoin and the cryptocurrency’s price was almost a “perfect match” until the end of 2017. He said it might not be a coincidence that was also when bitcoin futures markets were introduced.

“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,” he said.

Separate research published in May by researchers at the San Francisco Federal Reserve also found bitcoin’s price dive was linked to the launch of a futures…

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