KEY POINTS

  • The crypto market is currently experiencing one of the worst crashes 
  • The uncertainty due to incessant market selloffs is palpable
  • BTC was trading up 4.09 percent at $21,192.56

With the prices of major crypto assets nosediving over the past few days, the cracks in the digital currency industry are beginning to show, and online searches for the term "Bitcoin Dead" have reached an all-time high.

While investors believe this could be the end of the road for crypto firms, Binance CEO Changpeng Zhao has a different perspective. According to him, this is the best time to buy.

"Historically speaking, if you bought #bitcoin every time there is a "bitcoin is dead" headline, you would have done well. Logic: when they lose hope, that's when the bottom is in," he said.

Bitcoin has so far died 455 times with its latest death recorded on June 18 when it was predicted that it will not recover, according to Bitcoin Obituaries. Data from Google Trends, a website developed by the search engine giant that analyzes the popularity of top searches in Google Search, revealed that the search phrase "bitcoin is dead" hit an all-time high this week.

The search phrase got a score of 100 between June 12 and 18, preliminary data reflected by the dotted line showed. The same search query achieved a 100 score on Google Trends in December 2017.

Cryptocurrency Bear Market crypto bear Photo: crypto dost cryptodost.io/flickr.com

Interestingly, Google Trends data between May 8 and 14 revealed the same search phrase had a 38/100 score. It was when Terra's algorithmic stablecoin TerraUSD (UST) and native coin LUNA collapsed

The rise in the number of searches for the phrase "Bitcoin is Dead" reflects the anxiety of the investors in the cryptocurrency industry after weeks of incessant market selloffs. Bitcoin's price plummeting is now in its seventh month, which may have been triggered by a lot of factors, including the shift in Federal Reserve's policy.

The Oracle of Omaha, Warren Buffet, also said something about the market along similar lines. The billionaire is known to buy the dip and use the market selloff as an opportunity. Aside from being a legendary stock investor, Buffet is known for his quote about the market, "Be fearful when others are greedy and greedy when others are fearful."

BTC was trading up 4.09 percent at $21,192.56 with a 24-hour volume of $31,826,947,926 as of 4:36 a.m. ET on Tuesday, based on the data from CoinMarketCap.