Last week, news that Chinese President Xi Jinping spoke in support of blockchain technology, caused crypto markets to surge and Bitcoin to set its third-largest one-day gain percentage-wise in the asset\u2019s ten-year history.<\/p>\n
Price action has since slowed, however, according to metrics from popular Chinese websites, interest in Bitcoin<\/a> remains just as high, and could be a sign that another push from bulls could soon be coming.<\/p>\n Chinese President Xi Jinping\u2019s nod of approval of the blockchain technology underpinning Bitcoin and many other crypto assets sent shockwaves throughout the industry and sent the prices of leading cryptocurrencies surging over the last week.<\/p>\n Related Reading | Chinese Cryptos Incur Explosive Rallies with NEO Surging Over 40%\u00a0<\/a><\/strong><\/em><\/p>\n Bitcoin<\/a> was trading at a local low of $7,400 then suddenly rocketed all the way to $10,500 before a pullback to refuel its jets occurred. The move set records for the largest one-day gain since 2011, and the asset\u2019s third-largest one-day gain in history.<\/p>\n Following Bitcoin\u2019s pump, Chinese altcoins such as NEO began to spike as well. Tron, Bytom, and a few other Chinese altcoins followed, surging over 30% intraday.<\/p>\n Chinese online interest in bitcoin (\u6bd4\u7279\u5e01) has remained high. This is good. Charts are for Weibo, Wechat and Baidu. pic.twitter.com\/hg8O03ZYQX<\/a><\/p>\n — Alex Kr\u00fcger (@krugermacro) October 29, 2019<\/a><\/p><\/blockquote>\nChina Continues To Show Increased Interest in Bitcoin Following Massive Pump<\/h2>\n
\n