RATE Group | China Bullish On Blockchain: Bitcoin Price Explodes In Happy Lucky Coincidence
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China Bullish On Blockchain: Bitcoin Price Explodes In Happy Lucky Coincidence

25 Oct China Bullish On Blockchain: Bitcoin Price Explodes In Happy Lucky Coincidence

Posted at 16:24h in Bitcoin News by

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The cryptocurrency market recovered dramatically today, as news from China sinks in that digital currencies are here to stay and Bitcoin soared by over $1,000.

 

Coin360 Bitcoin Price

News from China may be the cause

SIMETRI Research

As reported by Xinhua and translated by Cointelegraph, China’s General Secretary Xi Jinping issued a statement at a Politburo session regarding blockchain technology use in China.

“We must take blockchain as an important breakthrough for independent innovation of core technologies,” he noted in his speech. “Clarify the main directions, increase investment, focus on a number of key technologies, and accelerate the development of blockchain and industrial innovation.”

The Xinhua news was published at 5:24 AM CST, with a green candle on the BTC / USD chart seen within the hour.

 

Bitcoin rising on China news
Bitcoin H1 Chart by TradingView

 

The nature of the statement is not necessarily positive for Bitcoin though, as Xi focused on blockchain technology as a whole and its integration in other…

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