Bitcoin’s [BTC] recent surge that enabled it to break out of its long drawn out bearish slump, created a splash in the cryptocurrency industry as well as the world of finance. The rise in Bitcoin’s price was just the tip of the iceberg as many other cryptocurrencies lower on the price charts also witnessed significant spikes in prices, mainly Ethereum [ETH], Bitcoin Cash [BCH] and Litecoin [LTC].
The sudden breakout ensured that a lot of people in the finance industry would sit up and notice, which was evidenced by the trends in search hits across the globe. China, which has been one of the countries vehemently against the idea of Bitcoin, surprisingly made news when statistics showed that Bitcoin topped the trending list on Baidu, a technology service similar to that of Google. The report also showed that Bitcoin’s lead as a searched commodity was far more than the one placed second, which only registered 2236 hits compared to Bitcoin’s 9715.
The reason why ‘Bitcoin’ trending is of utmost importance is because of the regulations imposed by the Xi Jinping led country, a rigid framework that is aimed to only propagate the Chinese Yuan. Some analysts and cryptocurrency enthusiasts have even predicted that if countries like China, Russia and India actually accept cryptocurrencies, it will benefit the industry greatly. A clear example of someone who works with this analogy is Sonny Singh, Bitpay’s Chief Commercial Officer. He had even stated:
“A lot of times these price spikes happen in America but now that it occurred when the markets closed, one can easily say that it shows how the Asian market is becoming. BTC trades 24/7 around the world and that has become evident. I don’t know what made the market move but my analysts had told me that once BTC breaks the $4300 mark, it will zoom on the price charts.”
Bitcoin’s bull run on April 2 had come out of the blue, with the world’s largest cryptocurrency shooting up by 15 percent to move away from the $4000 threshold. The cryptocurrency also broke two of its immediate resistances, at $4250 and $4800.
The post Bitcoin [BTC]: China’s ‘Google’ Baidu registers ‘bitcoin’ as the most trending topic after bullish spike appeared first on AMBCrypto.