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Home Cryptocurrency news

Chinese Interest in Bitcoin Remains High Post Crypto Rally According to Data

Tony Spilotro by Tony Spilotro
1 year ago
in Cryptocurrency news, Bitcoin
Reading Time: 2min read
bitcoin crypto china
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Last week, news that Chinese President Xi Jinping spoke in support of blockchain technology, caused crypto markets to surge and Bitcoin to set its third-largest one-day gain percentage-wise in the asset’s ten-year history.

Price action has since slowed, however, according to metrics from popular Chinese websites, interest in Bitcoin remains just as high, and could be a sign that another push from bulls could soon be coming.

China Continues To Show Increased Interest in Bitcoin Following Massive Pump

Chinese President Xi Jinping’s nod of approval of the blockchain technology underpinning Bitcoin and many other crypto assets sent shockwaves throughout the industry and sent the prices of leading cryptocurrencies surging over the last week.

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Related Reading | Chinese Cryptos Incur Explosive Rallies with NEO Surging Over 40% 

Bitcoin was trading at a local low of $7,400 then suddenly rocketed all the way to $10,500 before a pullback to refuel its jets occurred. The move set records for the largest one-day gain since 2011, and the asset’s third-largest one-day gain in history.

Following Bitcoin’s pump, Chinese altcoins such as NEO began to spike as well. Tron, Bytom, and a few other Chinese altcoins followed, surging over 30% intraday.

Chinese online interest in bitcoin (比特币) has remained high. This is good. Charts are for Weibo, Wechat and Baidu. pic.twitter.com/hg8O03ZYQX

— Alex Krüger (@krugermacro) October 29, 2019

The pumps have since started to fade, however, the current price action could just be consolidation before another move higher. According to data from popular social media messaging app WeChat, microblogging service Weibo, and search engine Baidu, interest in Bitcoin coming out of China remains just as strong as it was when the news was first announced.

But Will China Really Take to Expensive Crypto When They Are Launching DCEP?

Despite the sudden surge in interest around Bitcoin, some remain skeptical. Popular crypto influencer Dovey Wan points out that the average median household income in China is a mere $10,000 – just about the price of one full BTC at current prices. She concludes that most citizens will view Bitcoin as “too expensive,” and will instead look to cheaper altcoins and blockchain stocks.

Please keep in mind that the average annual household income in China is $10k

For whoever is new to Bitcoin in China, 99.9% of the chance he/she will think Bitcoin is already "too expensive"

That's why they first rush to stock, maybe cheap alts after seeing the Xi News

— Dovey 以德服人 Wan ?? (@DoveyWan) October 29, 2019

Both asset types also gained on the news, but even that may be a temporary spike, as China has revealed that it will soon debut its own centralized digital currency, DCEP.

The People’s Bank of China will roll out DCEP and make it the digital currency of favor in the country. China is notorious for its closed wall policies that control the flow of information that its citizens receive. DCEP will likely be used for similar purposes, and China could view other cryptocurrencies like Bitcoin as opposition to the new national currency, and seek to either destroy Bitcoin, or potentially ban their citizens from using it.

Related Reading | Why China’s Interest in Blockchain Will Ultimately Be Bad For Crypto 

Xi’s stamp of approval on blockchain doesn’t necessarily translate into support of Bitcoin, and only time will tell if the recent surge was warranted, or if it was simply a news event for whales to pump Bitcoin under a false narrative.

Tags: bitcoinblockchainchinacryptoPresident Xi Jinping
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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