The predictor impact of Web search media on Bitcoin trading volumes

In the last decade, Web 2.0 services have been widely used as communication media. Due to the huge amount of available information, searching has become dominant in the use of Internet. Millions of users daily interact with search engines, producing valuable sources of interesting data regarding several aspects of the world. Search queries prove to be a useful source of information in financial applications, where the frequency of searches of terms related to the digital currency can be a good measure of interest in it. Bitcoin, a decentralized electronic currency, represents a radical change in financial systems, attracting a large number of users and a lot of media attention. In this work we studied the existing relationship between Bitcoin's trading volumes and the queries volumes of Google search engine. We achieved significant cross correlation values, demonstrating search volumes power to anticipate trading volumes of Bitcoin currency.