RATE Group | Why China Fever on Bitcoin is Already Dropping After 1 Month of Blockchain Optimism
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Why China Fever on Bitcoin is Already Dropping After 1 Month of Blockchain Optimism

17 Nov Why China Fever on Bitcoin is Already Dropping After 1 Month of Blockchain Optimism

Posted at 05:00h in Bitcoin News by

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Contents

  • Why demand for bitcoin and other cryptocurrencies is not on the rise
  • Is this the end of the Xi-effect?

Since Chinese President Xi Jinping expressed his support for blockchain technology on October 28, the so-called “China fever” on crypto like bitcoin has noticeably declined.

The price of bitcoin fell from around $10,600 to $8,500 and cryptocurrencies that are known have Chinese development teams such as NEO, Ontology, and TRON have slightly increased over the past three weeks, but not enough to be described as a speculative mania.

Why demand for bitcoin and other cryptocurrencies is not on the rise

Following the newly established vision of the Chinese government to push the development of blockchain technology, expectations for strengthened momentum of the cryptocurrency market rapidly increased.

Initially, such expectations combined preceded an abrupt overnight increase in the price of bitcoin to above a key “psychological level” at $10,000, but the price fell…

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