Bitcoin posted a huge gain of 42% yesterday, going from $ 7,400 to more than $ 10,000. This is the third biggest swing in a day for Bitcoin since its inception.
The last few times when Bitcoin gained more than 40% over a 24-hour period the volume was still too low to move fast. The first time Bitcoin was only $ 0.40 and the second was $ 5.65. However, in the last 24 hours, Bitcoin has recorded a volume of $ 45 billion.
After bitcoin touched its five-month low last week, most analysts expected it to slide further. However, the bulls decided to shake things up a bit.
The previous two times Bitcoin saw> 40% daily profit, it was trading at $ 0.40 and $ 5.65.
Today, 42% of Bitcoin swing is the 3rd largest daily profit in price history.
̵1; Yassin Elmangira (@yassineARK) October 26, 2019
New for Tether 19659010] Tether is busy getting more USDT for investors to buy bitcoin. This is an incredible bullish signal as BTC / USDT is still the most popular trading pair on most exchanges. With large amounts of liquidity, most whales prefer to trade with these pairs.
In addition, whenever large quantities of Tether are printed, large orders usually begin to appear on the exchanges. The sudden uptrend forced traders to close their short orders, pushing the price of bitcoin further up.
Chinese blockchain blockchain adoption
Meanwhile, Bitcoin's meteoric rise coincides with Chinese President Xi Jiping's demand for Blockchain technology. During his speech at the Politburo meeting of the Central Committee of the Communist Party of China, he emphasized the importance and importance of Blockchain technology.
However, China itself is not a cryptocurrency country. It banned cryptocurrency exchanges back in 2017 and regulated blockchain networks. Chinese companies are required to register with the country's cyberspace administration before launching a blockchain network.
P2P trading and OTC cryptocurrency bureaus continue to flourish in China. President Block's call to Blockchain could be a tacit nod to cryptocurrencies, triggering yesterday's bullfight.
Do you think China will lift its cryptocurrency ban? Will bitcoin continue to shoot even higher? Tell us your thoughts in the comments below.
Images courtesy of Twitter, Shutterstock.
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