The world’s best-known and most popular cryptocurrency has surprised us again with a spectacular climb that occurred last weekend. In 24 hours a bitcoin grew in value by 40% and went from $ 7,400 to $ 10,300 in 24 hours.
Only two other times in history bitcoin has risen more in that course of time, something that once again demonstrates the volatility of this particular cryptocurrency. Analysts believe that the comments that Chinese President Xi Jinping made in favor of blockchain technology may have been to blame.
A historic rise, but watch out for potential investors
In the Spanish early morning from Friday to Saturday there was a spectacular growth in the value of bitcoin, which at the beginning of the day had been around 7,400 dollars and after that rise was at 10,350 dollars.
Crazy week for bitcoin: it fell sensitively in the middle of last week to suddenly reach highs for a month suddenly and very pronounced.
The barrier of 10,000 dollars was lost hours later, and in fact the bitcoin has lost part of what was won and stands at 9,370 dollars according to CoinMarketCap at this time, but this surprising rise of about 40% left once again surprised to own and strangers: a few days before had occurred just the opposite with a significant fall from 8,300 to 7,400 dollars.
The reason behind this steep rise may have been in Xi Jinping, the president of China, who spoke very well of blockchain technology. In a meeting with members of his government Xi stressed that the country should “seize the opportunity” posed by the chain of blocks.
His speech was intended to take advantage of this technology but not necessarily in the economic sphere. He did not mention bitcoin, but he did comment that they should “increase investment, focus on several key technologies and accelerate the development of blockchain and industrial innovation technologies.
The statements are striking coming from a country that banned the markets for buying and selling cryptocurrencies in 2017, which was one of the triggers for a clear decline in the value of these virtual currencies throughout 2018. In fact, analysts believe that potential investors should be on the alert because China is expected to develop its own cryptocurrency -something like Facebook-, not directly favoring bitcoin.