October 26th cost of the main cryptocurrencies grew by 30%, stopping ataround $ 9600. Analysts explained the rapid rise in Bitcoin prices by China's decision to legitimize blockchain technology. However, a number of experts believe that the initiative of the country's government with the development of Bitcoin has nothing in common. Nevertheless, residents of other countries have grown interest in the main cryptocurrency.
African: Bitcoin Interests More Than Kanye West's New Album
Unexpected results showed resource Google Trends.
Most often, the word “Bitcoin” was entered into the stringResidents of African countries searching: Nigeria, Ghana, South Africa. Africa has already been fully and half-heartedly called a state in which the period of official use of cryptocurrency will be ahead of the introduction of credit cards. However, if you look without jokes, back in 2017 in South Africa, the Pick-n-Pay supermarket chain tested payments in Bitcoin.
You can pay for purchases with cryptocurrency today. The picture is complemented by a study by the Paxful platform: African citizens make 17,000 transactions daily.
In addition to African countries to the list of states wheremost often enter “Bitcoin” in the search bar entered Austria and Brazil. Interestingly, the main cryptocurrency caused more response than the release of the new album by rap artist Kanye West.
Argentina: the main cryptocurrency has become insurance and an alternative to the dollar
LocalBitcoins Service Divisiondemonstrated a rise in the country's Bitcoin exchange rate to $ 12,000. The reason is the decision of the country's central bank (CB) to limit the purchase of the US dollar to $ 200 per month due to inflation of the Argentine peso. The information was shared on Twitter by Jason A. Williams, co-founder and partner of Morgan Creek Digital.
The initiative of the Central Bank of Argentina provoked residentsStates trade cryptocurrency. Trading volume increased 2.5 times. The Central Bank of Argentina has introduced a limit for 2 months, but residents can continue to trade Bitcoin even after the removal of measures due to the uncertain economic situation in the country.
Analyst Tom Lee: Many factors contribute to Bitcoin growth
Fundstrat analytics agency co-founder Tom Lee tweeted that helped boost the value of Bitcoin.
So, among the key factors, the analyst calledthe recovery of the bullish trend in the cryptocurrency market, the positive attitude of China to blockchain technologies and the new maximum mark of the S&P 500 index. All these positive signals influenced the growth of the main cryptocurrency. However, for example, China’s decision to introduce blockchain technology has not really changed its attitude towards the use of cryptocurrencies in general. The country continues to adhere to tough measures: ICO and digital currency trading are prohibited here.
At the time of writing, the value of Bitcoinamounted to $ 9,112. Cryptocurrency is in a state of correction to the mark of $ 9000. Traders are inspired by world news, so they expect the next growth of Bitcoin. However, it is too early to make long-term forecasts.