Google Trends Data is Suggesting That a New Phase of “Bitcoin to the Moon” Could be in The Sights

As reported earlier, global online search interest for Bitcoin has been rising incrementally since the turn of the year. But now, with Bitcoin peaking to hit consecutive new heights this year, Google Trends data is suggesting that a new phase of “Bitcoin to the moon” could be in the sights.

Bitcoin has already set a milestone back in May when it hit its highest interest levels on Google since February 2018, when Bitcoin’s year-long decline began. By June, even with price flagging, the world’s most popular crypto had even become more popular. Some say this popularity is what prompted Google to tweak its search engine algorithm, causing some Bitcoin media sites announce their shutdown.

But now, the same sites are saying that with Bitcoin interest rated at 12 (out of a possible 100), the level of retail interest today is a far cry from the 100 rating it achieved in 2017, with virtually every economy in the world reporting about Bitcoin’s incredible run, prompting major FOMO and people desperately buying their share of coin.

The following decline, conversely, led to despair among the masses and a sharp drop in interest.

Grayscale’s comments also backed up this theory, that retail investors were still out of the game:

“Institutional investors comprised the highest percentage of total demand for grayscale products in the first quarter (73%). This was also consistent with their share of inflows over the trailing twelve months (73%). As we have mentioned in previous reports, many institutional investors may view the current drawdown as an attractive entry point to add to their core positions in digital assets.” (Neutral)

MyEtherWallet Steps Into DeFi With MakerDAO Integration

MyEtherWallet (MEW) users will now be able to generate Dai straight from the interface expanding its offering into decentralized finance (DeFi).

MEW users will be able to create collateralized debt obligations (CDPs) through a MakerDAO portal. It means users can create, monitor and trade their Dai tokens, as well as ultimately redeem them for the underlying Ether (ETH), without leaving the wallet interface.

The MEW platform already has a working mobile feature, meaning Dai can be generated and redeemed from a user’s phone.

“By integrating the CDP Portal into the MEW platform, the MEW team has created an innovative “one-stop shop” for people looking to leverage the Maker protocol to generate Dai,” said Rune Christensen, CEO and Co-Founder of MakerDAO. “Our hope is that this makes Dai even more accessible to people and organizations around the world.”  

One of Dai’s main attractions is it enables users to leverage their cryptocurrency – for now only ETH, but other forms of collateral coming soon –  so that its value can be used for real-world purchases like mortgage repayments as well as for capital expenditures, a coffee-cart in one instance. (Positive)

Crypto Exchange Bitfinex to Go Offline for Upgrade Next Week

Bitfinex announced that it will be offline for up to seven hours next week in a post published on June 20.

Per the announcement, the exchange will go offline for up to seven hours to carry out system upgrades on June 26. The post further specifies that Bitfinex’s hybrid counterpart Ethfinex will also close for maintenance at the same time.

Bitfinex states that the update is meant “to enhance the stability and scalability of the iFinex matching engine.” During the upgrade, the platform’s user will not be able to trade, view, or access their wallets on the exchange.

The firm notes that — if market movements are too volatile — the update will be postponed. (Neutral)