China has been one of the world’s biggest market for anything. Bitcoin as well. It has once recorded to have the world’s biggest demand for the cryptocurrency. However, regulations put ban on the cryptocurrency and puts the market calm. But now China’s president is embracing blockchain and saving Bitcoin indirectly.
President of China, Xi Jinping said in a statement:
“We must take the blockchain as an important breakthrough for independent innovation of core technologies.”
This announcement signs on how the country will use many aspects of blockchain in the future. Including the cryptocurrency.
This statement by Xi puts the cryptocurrency trading in a positive chaos. Bitcoin, which has been keeping on dropping lower for months found its price rose.
How China’s President saved the bitcoin price
After the continuous dive below $7,500, bitcoin price went up to $10,000. Though the five digits number only lasted for a really short period of time, it talks a lot about the cryptocurrency.
Bitcoin which continuously wandering around the long-term moving average was in the ‘death cross’. The term is a new term which means the bearish cross of long-term moving average.
The $10,000 price saved bitcoin from the curse of the death cross. And it has proven that death cross might not be a curse at all. Because it is the fourth time that the price surged up high after the so-called death cross.
Although many believes that President Xi statement caused all of this, many still doubt it. China has yet to lift any bans on cryptocurrencies such as Bitcoin and Etherium.
Furthermore, the country is preparing to issue a digital currency of its own. The People’s Bank of China has previously revealed that it is working on Chinese digital currency.
Meanwhile, after the shocking surge up, Bitcoin price hovers around $9,000. At October 28, 7:50 AM UTC, Bitcoin price is still at $9,434.79 according to CoinMarketCap.
