RATE Group | China Hype Implodes as Bitcoin Completely Retraces to Pre-Rally Levels
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China Hype Implodes as Bitcoin Completely Retraces to Pre-Rally Levels

22 Nov China Hype Implodes as Bitcoin Completely Retraces to Pre-Rally Levels

Posted at 04:35h in Cryptocurrency News by

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  • Bitcoin shows signs of a pump-and-dump scheme.
  • A renowned analyst says BTC is dying.
  • Despite the bearish sentiment, countries around the world want to allow investors to trade the pioneer cryptocurrency.

On Oct. 25, Chinese President Xi Jinping addressed the nation about the “important role [that blockchain technology would play] in the next round of technological innovation and industrial transformation.” He declared that his administration would focus on getting China to “take the leading position gain” in blockchain research and development.

President Xi said:

Major countries are stepping up their efforts to plan the development of blockchain technology. Greater effort should be made to strengthen basic research and boost innovation capacity to help China gain an edge in the theoretical, innovative and industrial aspects of this emerging field.

Xi’s endorsement of the new digital ledger technology sent bitcoin up over 40 percent. This cryptocurrency went from trading at a…

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