RATE Group | Why Bitcoin briefly smashed through the $10k barrier
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Why Bitcoin briefly smashed through the $10k barrier

26 Oct Why Bitcoin briefly smashed through the $10k barrier

Posted at 13:01h in Cryptocurrency News by

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This week has been one of the most volatile in Bitcoin history, with Bitcoin initially slumping to as low as $7,400 before witnessing a remarkable recovery to touch as high as $10,350 on some platforms.

Understandably, traders, investors and long-term holders are questioning whether the recent pump is down to market manipulation, or if there is actual substance behind Bitcoin’s considerable gains.

Positive Attention Abounds

Bitcoin’s major movements came shortly after Chinese President Xi Jinping announced that China is now looking to lead the upcoming blockchain revolution. In a speech made on Thursday (Oct 24), President Xi praised blockchain as a potential breakthrough technology, highlighting its multitude of potential applications.

Since the announcement, several top universities in China have reportedly begun offering courses on blockchain, while “Blockchain” was featured on the front page of one of China’s most popular print newspapers, the People’s Daily.

In other news,…

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