China is often a bellwether for greater moves in the markets, and things could be heating up for Bitcoin and its brethren if search trends are any indicator.
According to a Chinese Bitcoin industry observer Altcoin Daily, more people are searching for “Bitcoin” and “halving” as the event approaches.
The topic “Bitcoin halving” was the sixth-most searched in the past 24 hours on China’s version of Twitter, Altcoin Daily tweets.
Bitcoin going viral on "Chinese Twitter"
The topic "Bitcoin Halving" was the sixth-most searched in the past 24 hours, DESPITE China effectively banning the purchase of #Bitcoin through yuan.
We are 18 days away, and things are just heating up! ???? pic.twitter.com/IvmLEWg9Xy
— Altcoin Daily (@AltcoinDailyio) April 23, 2020
The event is due on May 12, and there are only 32,625 BTC left to mine before the halving at the time of writing.
The current block reward at today’s prices is around US$94,250 [AU$148,401]. This will be halved in mid-May, which could result in capitulation from smaller mining organizations.
Buying Bitcoin in China using fiat is still forbidden, but there are plenty of ways to circumvent state restrictions.
If the search trends are anything to go by, Chinese traders and investors could be readying to go all-in on Bitcoin.
The previous two Bitcoin halving events have resulted in huge rallies the following year, so 2021 could be the year for a new all-time high.
Featured image courtesy of Free-Photos/Pixabay