Bitcoin was under $ 10 the last time it reached 40%
Bitcoin made a massive gain of 42% yesterday, going from $ 7,400 to more than $ 10,000. It is the third largest one-day swing for Bitcoin since its creation.
The last time Bitcoin gained more than 40% over a 24-hour period the volume was still too low for it to move quickly. The first time Bitcoin was at just $ 0.40 and the second it was at $ 5.65. Over the past 24 hours, however, Bitcoin saw a volume of $ 45 billion.
After Bitcoin touched on its five-month low last week, most analysts expected it to continue slipping. However, the bulls decided to shake up a bit.
The previous two times Bitcoin earned a> 40% daily gain, trading it at $ 0.40 and $ 5.65.
Today, Bitcoin & # 39; s 42% swing is the third largest daily gain in price history.
Data via @coinmetrics pic.twitter.com/PKHQgNlSUy
̵[ads1]1; Yassine Elmandjra (@yassineARK) October 26, 2019
New Tether Printed For Investors [19659010] Tether is keen to coin more USDT for investors to buy Bitcoin with. This 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 to trade in these pairs.
Also, when a large amount of Tether is pressed, large orders usually begin to appear on exchanges. The sudden trend forced traders to close their short orders and pushed Bitcoin's price further up.
China's Blockchain Adoption Push
Meanwhile, Bitcoin & # 39; s meteoric rise coincides with China's President Xi Jinping's pressure for Blockchain technology. During his speech at a Politburo meeting of the Communist Party of China's Central Committee, he emphasized the importance and importance of Blockchain technology.
However, China is not a crypto-friendly country. It banned cryptocurrency exchanges back in 2017 and regulates blockchain networks. Chinese companies must 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 pressure for Blockchain could have been a quiet nod to cryptocurrency, triggering yesterday's tyranny.
Do you think China will reverse its crypto ban? Will Bitcoin continue to shoot even higher? Let us know your thoughts in the comments section below.
Photos courtesy of Twitter, Shutterstock.
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