Bitcoin
Bitcoin$50 027.23

0.70%

Ethereum
Ethereum$3 817.39

-2.38%

Binance Coin
Binance Coin$582.25

-3.39%

Dogecoin
Dogecoin$0.479151

13.65%

Cardano
Cardano$1.89

16.17%

Tether
Tether$0.999816

-0.01%

Price predictions

New Bitcoin addresses hit two-year high after China advertises crypto


06 Oct 2020   #Bitcoin

Data shows 22,000 new entities created in a single day as one analyst suggests the added volume will translate to price gains. China may be behind a large spike in new Bitcoin (BTC) addresses as authorities launch a “targeted marketing campaign” — in favor of crypto.

In a series of tweets on Oct. 5, analyst and market cyclist Cole Garner highlighted a two-year record increase in new BTC addresses last week. Using data from on-chain monitoring resource Glassnode, Garner noted that around 22,000 new Bitcoin “entities” appeared on one day alone. The normal level is between 5,000 and 10,000 per day.

“New #bitcoin addresses were absolutely off the charts last week,” he summarized in comments. Garner was building on other recent insights from statistician Willy Woo. Late last month, Woo described what he said was “a spike in activity by new participants coming into BTC not yet reflected in price,” also from the Glassnode data. New addresses are an important volume indicator, Garner continued, and price action should follow. “Volume, precedes price,” he wrote.

Chinese media praises crypto performance


The source of the new addresses cannot be determined with certainty. China, however, forms Garner’s best bet, as a widely-reported media campaign in the last week of September called cryptocurrency the best-performing asset of 2020.

“Last week the Chinese government began a coordinated marketing campaign to focus Chinese retail investor psyche on crypto. Yes, this is really happening,” wrote in a further tweet.

The move also caught the attention of Primitive founding partner Dovey Wan, who described the Chinese state media campaign as “curious.” “It’s rare for such a coordinated effort,” she commented at the time.

China has traditionally been seen as a hostile environment when it comes to consumers’ ability to engage with cryptocurrency. A ban from 2017 still remains in place, with transactions confined to over-the-counter, or OTC trades, despite mining activities openly continuing.

As Cointelegraph reported, meanwhile, bullish on-chain metrics for Bitcoin keep multiplying, with Woo among those calling for a breakout independent of traditional assets, notably gold, in the near future.

Source

#source

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.