BTC Sinks Again - China Hype Movement Lost

Chinese President Xi Jinping addressed the nation last month on October 25th, in regards to the “important role [blockchain would play] in the next round of technological innovation and industrial transformation.” 

Jinping declared that his administration would make a primary focal point on getting China to “take the leading position gain” in the research and development of blockchain tech.

The President said:

“Major countries are stepping up their efforts to plan the development of blockchain technology. Greater effort should be made to strengthen basic research and boost innovation capacity to help China gain an edge in the theoretical, innovative and industrial aspects of this emerging field.”

Bitcoin went from trading at a low of $7,400 on Oct. 25 to a high of $10,500 on the next day. This was potentially down to the thumbs up Xi gave to the industry. Despite the bullish sentiment that China introduced into the space, a few weeks later and BTC is making a retracement to the same level where it began making noise.

Gold Bug

The CEO and chief global strategist at Euro Pacific Capital, Peter Schiff is a well-known naysayer of Bitcoin. According to him, the recent price movement is a “classic pump and dump” scheme. 

Schiff argued:

“Bitcoin spiked by 40% in less than 24 hours. Then in the ensuing 4 weeks, bitcoin steadily lost 100% of those gains. This is a classic pump and dump. Run the price up to sucker in momentum buyers. Then sell into that demand. When will bitcoin buyers wake up? You’re being played.”

It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!