In today’s segment of CNBC ‘Fast Money’, the hosts took a look at the current state of Bitcoin, pointing out signals and what they mean for the market going forward.Bitcoin Sees Interest Decline, Is That A Problem?
The cryptocurrency market saw an astonishing 2017, with the industry quickly becoming the talk of the town on Wall Street and Main Street. Public awareness of the cryptocurrency market grew, along with exponentially increasing prices, with Bitcoin becoming one of the most searched terms on Google.
But since the most recent decline, with cryptocurrencies taking a nosedive in value, with some onlookers believing that the cryptocurrency market is losing its hold over the eyes and wallets of retail investors.
“This is pretty simple folks. As the price has come down, the volume of trading has declined. Not only that, but the public interest has declined as well,” said Bob Pisani, a CNBC stock analyst, and contributor.
Pisani then pointed out that Google search trends eerily mirror the price movements of the cryptocurrency market, with peak interest lining up with December’s $20,000 Bitcoin. The CNBC analyst stated that search interest regarding the world’s foremost cryptocurrency is “less than one-tenth of the level at its peak, last December.”