After an extended period of low volumes and dismal sentiment, in a sudden instant, last Friday the crypto asset class has snapped back to life.
We’ll go into the specifics of what, when, how much, and where below, but the why is very clear…
The announcement from Chinese President Xi Jinping that China should “seize the opportunity” to adopt blockchain has had a sweeping impact across a great many markets.
Less than one day after Mark Zuckerberg informed Congress that “If America doesn’t innovate, our financial leadership is not guaranteed,” China has made its move.
The US-China trade war now has a new battleground. After focusing on agriculture, imports-exports, technology, patent infringements, and spyware, the focus is now squarely on fintech.
Only, this is more of a race than a war, and it looks like China has a colossal head start.
eToro, Senior Market Analyst
- Volatility back down
- Xi & Bitcoin
- Chinese Alt-season