Bitcoin on the rise and China gets behind blockchain technology
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This Week’s Summary
Crypto Trends 27th Oct – 03rd Nov 2019: PERFORMANCE & ANALYSIS
The past week has seen Bitcoin oscillate once again between $8,000 and nearly $10,000 per BTC. It started the week on the rise from its previously poor run that saw it drop down to $7,300. It fluctuated mid-week only to rise considerably high towards the weekend when a surprising news piece arrived from China.
For almost a decade, Beijing strongly opposed the development of crypto digital assets. In an unexpected turn of events, President Xi Jinping declared that his country should seize the opportunities that blockchain technology offers.
Xi Jinping was adamant that China should step up its efforts to become a major global player in this field. Almost immediately, China’s National People’s Congress passed a law to support the development of crypto assets.
The news that China has entered the blockchain arms race has sparked worldwide public interest. Bitcoin price surged to almost $10,000 and ended the week at its current value of $9,223.01. It was a 20% increase in value that few were expecting, following the same ascending trade throughout the next week.
On the other side of the world, Facebook’s Libra cannot get any slack in its fight to prove its worth to investors and regulators. It seems that it doesn’t promise enough stability to lure in major market players, not even in its project form. Even Twitter’s CEO, Jack Dorsey, publicly declared that his company would not enter the Libra Project with a definitive “Hell No!”
What’s in the News?
Next Week’s Market Forecast
In the upcoming week, the global crypto market should experience a steady increase in value due to China’s embrace of blockchain technology. This aspect should be mirrored in the continuous rise of BTC price and daily trade.
Elsewhere, crypto enthusiasts will be eagerly expecting the outcomes of several events around the world, such as: