On October 26, the value of the main cryptocurrency grew by 30%, stopping at around $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.
Residents of Africa: Bitcoin is more interested in than Kanye West's new album
Unexpected results showed Google Trends resource.
Most often, the word “Bitcoin” was entered in the search bar by residents of African countries: 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, the list of states where “Bitcoin” is most often entered into the search bar includes 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
The LocalBitcoins service unit has shown a rise in the country's Bitcoin exchange rate to $12,000. The reason is the country's central bank (CB) decision 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 the residents of the state to 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 the growth of Bitcoin
Fundstrat analytics agency co-founder Tom Lee tweeted that helped boost the value of Bitcoin.
So, among the key factors, the analyst called the restoration 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 exchange rate. 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 Bitcoin was $9112. 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.
Editor: Daria Mukhina