The bitcoin market is one that has always been volatile over the years. This is a major factor responsible for its constant price changes leading to lots of investors experiencing losses in the market. For instance, over the past 5 months, the price has been much lower than predicted. According to experts, there are measures that can reverse such a situation in order to ensure cryptocurrency investors are encouraged.
What Are the Positive Changes?
It is however fascinating to find out that as of the 26th of October 2019, bitcoin prices have bumped up by over 10%. This is a positive change that is being experienced for the first time in 5 months. The good part is that it has been welcomed by most investors. It is only natural that an improvement or development like this is due to some factors. The investors also find the trending bitcoin trading software applications very efficient. For example, the innovative bitcoin loophole trading software performs all actions on behalf of the traders.
Why the Price Increase?
A major reason for an increase in the price of bitcoin by such a huge percentage is that China is set to support the blockchain technology against all odds. This is the major platform through which bitcoins have been designed to operate. It is simply a group of data which has been added to the block. These data are linked through the use of cryptocurrency and bitcoins happen to be the primary means. It has been created to help promote transparency and efficiency in the various sectors of most countries around the world.
The idea of china to start embracing blockchain technology has come as a surprise to many experts. This is because of its stance towards bitcoin over the years. This is evident on how its central bank (Bank Indonesia) banned cryptocurrencies as means of payments with bitcoins included. Even though such a negative development never discouraged Chinese people from taking part in the cryptocurrency market, it has stifled their involvement in certain ways.
Why Are These Changes Being Experienced?
The president of China, Xi Jinping took a different stance on Bitcoin on Friday when he made the announcement that China was ready to adopt the use of blockchain technology. According to him, there are opportunities that the blockchain technology has been able to introduce into systems around the world. He explained that China should make the most of these opportunities.
According to experts, this is an attempt to accept the use of bitcoin by China given that it is the major platform through which the blockchain technology functions. They also explained that this is bullish since China has one of the world’s largest economies.
A development like this is what is responsible for bitcoins increasing by around 12% within 24 hours and hitting $8,392. Don’t forget that the price which it has maintained since the month of May is around$7,363.
This is the first time China’s president is making remarks that seem to be in favor of blockchain technology which is a good sign of blockchain enthusiasts. This is because such a move will make other countries around the world also accept this technology.