Bitcoin : Google Search Can Predict Bitcoin Price Increases – Coinness
A recent study published by the National Bureau of Economic Research (NBER) suggests that **cryptocurrency markets move depending on the type of attention they receive**. This study incorporates data from consumer activity on search forums such as Google and social media sites such as Twitter. It found that a standard deviation increase in searches for keywords such as “bitcoin” **forecasted a small increase in the token’s price in the following weeks.**
On average, a single standard deviation increase in the keyword search lead to a 2.75 percent price increase, according to the report. Similarly, a standard deviation increase in Twitter post counts resulted in a 2.5 percent increase in bitcoin’s price. On the other hand, a standard deviation increase in the terms “bitcoin hack” forecasted a small decrease in bitcoin’s price.
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