{"id":402599,"date":"2019-10-28T13:00:32","date_gmt":"2019-10-28T13:00:32","guid":{"rendered":"https:\/\/uniquehot.com\/?p=402599"},"modified":"2024-06-11T07:51:08","modified_gmt":"2024-06-11T07:51:08","slug":"bitcoin-pops-after-xi-jinpings-blockchain-endorsement","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-pops-after-xi-jinpings-blockchain-endorsement\/","title":{"rendered":"Bitcoin Pops after Xi Jinping’s Blockchain Endorsement"},"content":{"rendered":"

China’s President Xi Jinping’s endorsement of the blockchain technology sent bitcoin up by more than 40 percent.<\/p>\n

The benchmark cryptocurrency established a new session high of $10,540.49 after rising by $3,109 over the weekend. The surplus gains came after a depressive performance last week, wherein bitcoin price shed as much as 17.33 percent, or $1,529.96. However, on Friday, Xinping called blockchain “a core technology” of China’s next-age innovation plans. The premier called for more investments into the nascent sector, a move that speculators treated as bullish for blockchain’s first working application, Bitcoin.<\/p>\n

\"bitcoin,<\/a>
Bitcoin corrects to the downside, but the bullish bias remains intact | Image credits: TradingView.com<\/figcaption><\/figure>\n

Maple Leaf Capital, a UK-based investment management company, conclusively suggested that Jinping’s comments on the blockchain would make it possible for people to ignore Bitcoin. The more educated a common man becomes about the cryptocurrency, the better would be his likelihood\u00a0of buying it. Excerpts:<\/p>\n

“Doesn’t mean [Bitcoin]\u00a0<\/span>can’t go lower in the interim (chart says chop for a while), but this event is something to be extra mindful of as it actually drives both narrative and fundamentals (i.e. demand), similar to the halving being a supply event.”<\/span><\/p><\/blockquote>\n

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I meant halving step-function reduces SUPPLY! duh silly me, got too excited typing it all out.<\/p>\n

— MapleLeafCap \ud83d\udcdc\ud83d\udc5f\ud83c\udc04\ufe0f\ud83d\udd2b (@MapleLeafCap) October 27, 2019<\/a><\/p><\/blockquote>\n