Chinese crypto FOMO much bigger than Bakkt, Libra or an ETF


China shakes up the blockchain industry and the crypto market at the same time after the Chinese President offered a speech focused on placing many projects in the country on blockchain for increased control and surveillance.
People of the industry know that the Chinese government hasn’t always been inclined to trust the crypto world. So, when news emerged that the country wants to be part of this industry, even those who are not curious by nature wanted to know what the story was all about.
At the moment Bitcoin seems to be back on track as the crypto markets started pumping soon after China’s President, Xi Jinping, expressed his positive views of blockchain technology, a moment deeply enjoyed by the industry as the Chinese drive for blockchain has been waited for some time already.
And when China moves, the financial markets feel the ripples. Further on, the authorities are getting ready to publish a crypto-focused law that will come into effect on the 1st of January 2020.
This information was outlined at the Standing Committee of the 13th National People’s Congress in China where the officials emphasized that China is working to regulate the technology so it can be more competitive in the field and even become a leading actor in blockchain-related projects.
The events led to a chain reaction on the crypto market with the Chinese crypto assets dominating. The positive reaction was so sudden and unexpected that other long-awaited news – Bakkt, Libra and the promise of a US regulatory approval for a crypto ETF product – were left behind.
Furthermore, Chinese altcoins have also reached whole new highs. NEO, the so-called “Chinese Ethereum” surged over 70%. Also, Bytom – another Chinese crypto project – made gains of over 110% in just one day. And with VeChain (VET) growing as well, along with Sino, we can only assume there will be more to this than what we initially witnessed.
If Chinese traders keep on betting on the crypto industry, we may realize that soon enough digital assets have already entered the mainstream space.

Leave a Reply

Your email address will not be published. Required fields are marked *