Due to the high increase of Bitcoin investors in China, the cryptocurrency manages to make records. Data collected by Glassnode suggests that at least 22,000 new entities have been introduced in the Chinese crypto-industry in one day. All the new entities were accredited to Bitcoin as shown in the data. This huge surge in Bitcoin in China has resultantly successfully broken the 2-year record.
Soon after the news went viral, crypto pundits stepped in and said that an exponential increase in Bitcoin price is imminent. It is said that China is aiding the legendary cryptocurrency which will give a big boost to the new Bitcoin wallet address.
In a tweet, crypto analyst Cole Garner also told that the emergence of new Bitcoin addresses has broken the 2-years record.
Garner also explained that in usual circumstances at least 5 to 10 thousand new Bitcoin addresses are recorded per day. However, going across 22,000 is a remarkable achievement and that too in a single day only, he said.
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In his concluding remarks, he commented that this huge number of new Bitcoin addresses were never in the picture.
Later on, the local Chinese media also lauded the progress of Bitcoin and other crypto-assets in the country. This has led many crypto-enthusiasts to gain momentum and retrieve their confidence back. Many are predicting a Bullish indicator in the coming days.
On the other hand, the Chinese Business Community also wrapped up a crypto-currency campaign in the country. A campaign was launched in China to give recognition to the role of cryptocurrency in the Chinese industry in 2020. Under the name “cryptocurrency the best-performing asset of 2020”, the campaign ended in the month of September.
Chinese Government is now looking for launching another mega campaign relating to cryptocurrency in the country. The objective of the campaign is to understand the mindset of the Chinese crypto investor. Analysts are appreciating that the Chinese Government is not only owning cryptocurrency but also adopting it on a mass scale.
For others, the major reason for the increase in Bitcoin addresses is due to the Chinese ban on ICOs. Due to the recent ban on ICOs in China, many investors have withdrawn their investment and injected in cryptocurrencies.
