We recently reported that the bulls came back to the crypto market when China addressed support for the blockchain tech.
You may recall that VanEck’s head of digital asset strategies Gabor Gurbacs addressed three main reasons for which the bulls are back in the crypto market.
“CME Bitcoin futures expired
President Xi Jinping supports blockchain in China.
Crypto Capital CEO arrested. Exchanges, such as Bitfinex, may get some of the seized 850 million back.”
There are a few crackdowns in China
The President's complex relationship with Bitcoin and the blockchain tech is reportedly playing out in a few fresh crackdowns in China.
Recently, the Chinese government seemed to soften its stance on crypto mining by removing it from a list of banned activities.
1/ BREAKING Crypto mining is no longer "to be eliminated" in China. Today, the gov't released "Industrial Structure Adjustment Guidance Catalogue". Crypto mining, which was listed in the draft in April as an industry to be eliminated, is no longer in the list pending elimination.
— cnLedger (@cnLedger) November 6, 2019
China’s president is reportedly pushing for global blockchain dominance following the recent statements in support of the emerging tech and the rollout of a mobile app designed to educate people on BTC and cryptos.
Bitcoin is the first successful case of blockchain
China’s state-owned media outlet called Xinhuanet said that BTC is the very first successful case of blockchain.
Head over to the Daily Hodl online publication in order to learn more details on this situation.
Other than this, the crypto market looks pretty green today with the most important coins trending upwards.
BTC is trading in the green as well, and at the moment of writing this article, BTC is priced at $8,590.30.
Other than this, BTC has been surrounded by all kinds of optimistic predictions these days.
For instance, Tim Draper joined a Q&A session at Malta’s AI & Blockchain Summit, and he identified all types of BTC spending via the Lightning Network and similar protocols as the trigger that will be pushing BTC higher and higher by 2023 – about 30 times higher.
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