The previous two times Bitcoin saw a >40% daily gain, it was trading at $0.40 and $5.65.— Yassine Elmandjra (@yassineARK) October 26, 2019
Today, Bitcoin’s 42% swing is the 3rd largest daily gain in price history.
Data via @coinmetrics pic.twitter.com/PKHQgNlSUy
New Tether Printed For InvestorsTether is busy minting more USDT for investors to buy Bitcoin with. It is an incredibly bullish signal, as BTC/USDT is still the most popular trading pair on most exchanges. With large amounts of liquidity, most whales prefer trading in these pairs. Also, whenever a large amount of Tether is printed, big orders usually start appearing on exchanges. The sudden uptrend forced traders to close their short orders, pushing Bitcoin’s price further up.
China’s Blockchain Adoption PushMeanwhile, Bitcoin’s meteoric rise coincides with Chinese President Xi Jinping’s push for Blockchain technology. During his speech at a Politburo meeting of the Communist Party of China’s Central Committee, he stressed the importance and significance of Blockchain technology. However, China itself is not a crypto-friendly country. It banned cryptocurrency exchanges back in 2017 and regulates blockchain networks. Chinese companies are required to register with the country’s Cyberspace Administration before launching a blockchain network. P2P trading and cryptocurrency OTC desks continue to thrive in China. President Xi’s push for Blockchain could’ve been a silent nod towards cryptocurrencies, triggering yesterday’s bull run. Do you think China will reverse its crypto ban? Will Bitcoin continue to shoot even higher? Let us know your thoughts in the comments below.
Did you know you can trade sign-up to trade Bitcoin and many leading altcoins with a multiplier of up to 100x on a safe and secure exchange with the lowest fees — with only an email address? Well, now you do! Click here to get started on StormGain!
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.