Chinese Government Expressed Belief in Crypto

Hello, dear community!

Crypto market capitalisation added a few dozens of billions in just a week. On June 26th, it even was over $386,000,000,000. It is currently estimated to be at around $341,000,000,000. Bitcoin is trading at $12,000 as bulls continue to dominate the market.

Even though China has always been a huge part of the cryptocurrency world, its government was never fond of this market. Surprisingly, it seems to have changed its mind during recent changes in the market. Official information agency of the Chinese government has recently stated that bitcoin is a safe target for investments. ICOs and exchange works have been banned on the territory of China since 2017.

There are several ideas as to why this shift in attitude took place. Some believe that it is due to tension on the market in China and in the world. It has been noticed since the beginning of 2019 but the general volatility of markets increased and the general direction is switching to bearish.

At the same time, Bitcoin along with some other popular cryptocurrencies is demonstrating characteristics of strong choice for investment. Many big companies are becoming fans of crypto market. For instance, the community is waiting for the Facebook Libra. This may only add to the general trust in crypto market.

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