Bullish Blockchain happened in China, the price of Bitcoin surged

Reporting from Crypto Briefing, the crypto currency market recovered dramatically today, due to news from China that digital currencies would remain and the price of Bitcoin surged by more than US $ 1,000. The news followed after statements from the Secretary General of the Chinese Communist Party and Chinese President Xi Jinping.

As reported by Xinhua and translated by the Cointelegraph, Xi Jinping issued a statement at the Politburo session regarding the use of blockchain technology in China. The Xinhua News was published at 5:24 CST (Chinese Standard Time), October 25, 2019, which was followed by a green candle (picture of a green candle on the chart) BTC / USD was seen on a one-hour trading chart on Coinbase.

The nature of Xi Jinping's statement is uncertain positive for Bitcoin, because Xi focuses on blockchain technology in general and its integration in other technologies. China is one of the countries that further limits crypto adoption by banning ICO and crypto exchanges in 2017.

In addition to being a sign of the Chinese government's softening attitude towards the blockchain ecosystem, Xi's statement might also be the first step to adopting digital coins, which is suitable to be a decentralized or distributed alternative.

Tokens from the Synthetix decentralized asset exchange have skyrocketed in recent months. This exchange offers a variety of tokens pegged to assets that include crypto, commodities, and future stock options such as Tesla and Apple shares. All of that can be traded on the Ethereum blockchain.

According to data from DeFi Pulse, this increase is largely due to an increase in the user base and trading activity of Synthetix in recent months. This was indicated by the continued increase in funds locked into the contract. The Synthetix Exchange currently has funds locked in a DeFi contract worth US $ 90 million, which is followed by almost a 1: 1 increase in market capitalization.