Here’s Why Bitcoin (BTC) Just Exploded to More than $10,000
On October 22, 2019, we noted:
“The fear is palpable with Bitcoin. Since testing a June 2019 high of $13,835, the coin slipped to less than $8,000 must four months later. All thanks to a lack of any news from the U.S. SEC, Bakkt’s lackluster launch, Libra’s uncertain future and rounds of bearish sentiment send many investors to the exit doors. However, while there is plenty of uncertainty, and pessimism, a good deal of fear has been priced into the price of Bitcoin, in our opinion. In fact, it’s become oversold, and our technical indicators are all aligning deep in oversold territory.”
A day later, Bitcoin exploded to a high of $10,378.
However, it wasn’t just the technical pivot points that called the bottom.
Learn How to Spot Unique and Predictable Patterns in Cryptos
A good deal of upside was also fueled by China. All after Chinese President Xi Jinping embraced blockchain technology in a speech, and call on the country to advance developments. In fact, according to CNBC, Xi noted that China has a strong foundation and should look to take a leading position.
In addition, he said China should “seize the opportunity” offered by blockchain, adding the technology could benefit a range of industries including finance, education and health care.
Better, China’s Congress just passed a Cryptography Law that will take effect January 1, 2020.
“China’s national congress said the new law will encourage research and development on commercial cryptography technologies, while building up an inclusive standardized regulatory system for the market,” says Coin Desk.
As this happens, some experts say America is being left in the dust.
For example, Mark Zuckerberg just warned that China’s superiority in the cryptocurrency space could put the U.S. dollar at risk. "China is moving quickly to launch a similar idea in the coming months. We can't sit here and assume that because America is today the leader that it will always get to be the leader if we don't innovate,” he said, quoted by Coin Telegraph.
Perhaps this is the news that gets the U.S. on track with blockchain and cryptocurrency.
If not, the U.S. could be left in the dust by China.
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