Very few events can shake the cryptocurrency markets in a sustainable manner that really sends and altcoin prices into a sharp directional move. One example is when Xi Jinping, China’s President, called for the development of blockchain technology throughout the country in October 2019.
The unexpected news caused a 42% pump in Bitcoin (BTC), but the movement completely faded away as investors realized China was not altering its negative stance on cryptocurrencies. As a result, only a handful of tokens focused on China’s FinTech industry, blockchain tracing, and industry automation saw their prices consolidate at higher levels.
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