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Could China be behind a recent spike in bitcoin addresses?

Could China be behind a recent spike in bitcoin addresses?

Quick take

1 minute read

  • As China looks to create and develop its own central bank digital currency, even more, it could potentially be behind a larger spike in new bitcoin addresses as authorities are getting ready to launch a “targeted marketing campaign“ in favour of cryptocurrency. 
  • The analyst and Cole Garner took to Twitter earlier this week on the 5th of October to highlight a two-year record increase in new bitcoin addresses just one week ago.

As China looks to create and develop its own central-bank digital currency even more, it could potentially be behind a larger spike in new bitcoin addresses as authorities are getting ready to launch a “targeted marketing campaign“ in favour of cryptocurrency. The analyst and Cole Garner took to Twitter earlier this week on the 5th of October to highlight a two-year record increase in new bitcoin addresses just one week ago.

The analyst used the data from the on-chain monitoring resource Glassnode and particularly highlighted that on Monday, 22,000 new entities for bitcoin appeared in just 24 hours. For those that don’t know, the normal level is between 5000 and 10,000 on a daily basis.

On Twitter, he said:

“New #bitcoin addresses were absolutely off the charts last week.”

Garner was building on comments made from the other from another Twitter analyst Willy Woo who took to Twitter as well last month describing what he said was a “spike in activity due to new participants“ coming into the bitcoin field.

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