Blockchain in China slows down, is it for better in 2020? |
Blockchain in China is in a slow-motion right now, while Chinese love for the blockchain and cryptocurrency has seen a hard fall since president Xi Jinping’s speech expressing his support for the blockchain technology on October 28th.
Blockchain in China slows down for better?
As a result of the expectations, the price of the currency increased overnight to an amount value of $10,000 but then plummeted back to $8,500 in a relatively short time.
One global analyst went on to say that Chinese investors were partly responsible here since they didn’t increase their interest in Bitcoin. The analyst went on to express how internet searches related to cryptocurrency went back down.
So, it is plausible that the general public already expected the government’s support for blockchain technology.
Has the President’s influence really ended here?
Regardless of what is going with blockchain in China, some experts have said that the uprise in the prices of bitcoin to $10,000 may not only be the product of Chinese enthusiasm in the blockchain development initiative but that a series of short liquidations in the middle of a buildup of sell pressure caused the hike in prices.
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