Blockchain in China is in a slow-motion right now, while Chinese love for the blockchain and cryptocurrency has seen a hard fall since president Xi Jinping’s speech expressing his support for the blockchain technology on October 28th.
It is reported that the Bitcoin fell from $10,800 to $8,500 is likely to fall further, and in the current situation, blockchain in China is not getting any positive light.
Blockchain in China slows down for better?
Since the Chinese government established its aims on supporting the development of blockchain technology, hopes for the stronger momentum for the virtual currency market greatly increased.
As a result of the expectations, the price of the currency increased overnight to an amount value of $10,000 but then plummeted back to $8,500 in a relatively short time.
One global analyst went on to say that Chinese investors were partly responsible here since they didn’t increase their interest in Bitcoin. The analyst went on to express how internet searches related to cryptocurrency went back down.
He put weight on the fact that prior to the president’s support for blockchain technology, the mining of bitcoin and other virtual currency in the area was already high.
So, it is plausible that the general public already expected the government’s support for blockchain technology.
Has the President’s influence really ended here?
Regardless of what is going with blockchain in China, some experts have said that the uprise in the prices of bitcoin to $10,000 may not only be the product of Chinese enthusiasm in the blockchain development initiative but that a series of short liquidations in the middle of a buildup of sell pressure caused the hike in prices.
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