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What lowered the price of bitcoin to $ 10,500? Not Chinese crypto traders, apparently



Bitcoin has observed an absolute whirlwind in the last 48 hours. As you may know, the leading cryptocurrency was trading in a wide price range of $ 3300 as the crypto markets suffered their last onset of volatility after weeks of lulls. At its local peak, bitcoin was trading for $ 10,500; now BTC changes hands for $ 9,300.

Due to the absurdity of this move, investors quickly asked, "what the hell is Bitcoin shooting for the moon?"

The most obvious answer to this pressing question was the President's approval. Xi Jinping for blockchain technology.

On Friday, October 25, Chinese state-owned media reported that President Xi calls for the adoption of the blockchain "as an important breakthrough for independent innovation of basic technologies" at a meeting of the Political Bureau of the Central Committee of the Communist Party of China.

State Representative Xinhua revealed that Xi is extolling the potential benefits of blockchain technology in a number of industries, including finance, education, healthcare, food security and more. [1

9659002] Bitcoin came together again shortly after this story came out. But according to Dovey Wan, founder of Primitive Ventures, Chinese traders did not respond to this story, which sent BTC rocket higher.

Related reading: Analyst: One-week chart implies bullish exchange on bitcoin price

Bitcoin boom unlikely Caused by President Xi's love for Blockchain

Speaking to television blockbuster BlockTV in an interview recently, it is hypothesized that Western traders have earned "the bulk of the Bitcoin price rally" from $ 7,300 to $ 10,600. She added that Western merchants were responding to this news.

In support of his sentiment, Wang later noted that Tether's USDT did not see any premium on the OTC markets in China, the price had not shifted immediately after the release of the aforementioned Xinhua article, the price pump until the US woke up and President Jinping's statements were shared, and bitcoin volume was not centralized in Huobi or OkEX.

Alex Krueger pointed out statistics that can confirm Van's analysis. The macroeconomics and cryptocurrency researcher noted that in Baidu, the Chinese equivalent of Google, the search for the Chinese equivalent of the term blockchain has exploded and has been steadily increasing as the trend for Bitcoin has increased but not insignificantly. [19659012] Interest in bitcoin in China has barely intensified. The chart shows that Baidu is looking for Bitcoin (blue) against Blockchain (red). It seems very convincing to me, especially given the price jump. pic.twitter.com/UGwU5416jO

– Alex Krueger (@krugermacro) October 26, 2019

  Featured image by Shutterstock 




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