Bitcoin extends rally after China pledges support to blockchain technology

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Bitcoin extends rally after China pledges support to blockchain technology

Over the weekend, the original crypto, Bitcoin had spiked to a fresh one-month peak of $9,226.50 after momentarily breaching its 1-1/2 month peak of $10,504.50 on Sunday (October 28th) and scored its biggest ever two-day jump since the era of a retail mass-adoption linked Bitcoin mania on December 2017, after Chinese President Xi Jinping had told later last week that China, the world’s second-largest economy, should ramp up its efforts on research and development of blockchain technology.

In point of fact, Monday’s (October 28th) comment from the Chinese President comes over the heels of a pro-CCP backed Chinese state-controlled press agency Xinhua report that revealed over the weekend that China’s parliament had voted to pass a cryptography law broadly as a push aimed at launching the Central Asian nation’s own digital currency as early as by January 1st 2020, which would be almost identical to Facebook Inc.

proposed digital coin Libra and could be capitalized to anonymously execute a stack of cross-border payments over China’s domestic payment processing platforms such as Alipay and WeChat. On top of that, China’s Xi had been quoted saying later last week before passing Saturday’s (October 26th) Cryptography bill in the Chinese parliament that Blockchain had been a digital backbone to many digital currencies likes of Bitcoin and should be a core part to instrument innovation in China.

Followed by the reveal of Xi’s upbeat comments on Blockchain technology, Bitcoin snowballed more than 24 per cent on Friday (October 25th) and Saturday (October 26th), remarking its biggest two-day surge since December 2017’s retail-driven crypto bubble, while the original crypto, Bitcoin, extended its rally on Sunday (October 27th) and added 3.12 per cent to 9317.17, but pared all of its Sunday’s (October 27th) gain on yesterday (October 28th), losing 3.38 per cent to wind down the day at $9226.50.