Epic move in Bitcoin
Bitcoin caught a huge bid in Asia as the rally from that started Friday in Europe extended as high as $10,017 -- a seven-week high.
It has since fallen back to $9100 but the 24-hour rally from $7500 was the third-largest one-day percentage move in Bitcoin history.
The move started yesterday after Chinese President Xi Jinping told the Political Bureau of the Central Committee yesterday that China needs to "seize the opportunity" of blockchain technology.
"We must take the blockchain as an important breakthrough for independent innovation of core technologies," Xi told committee members. "[We must] clarify the main direction, increase investment, focus on a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation."
China has a defacto ban on crypto trading but the endorsement and investment into blockchain will likely lead to other jurisdictions taking a closer look/ It could end in an arms race with fresh new government-backed money going into the space.
Or at least that's the bull case.
The other reason cited for the gains that started Friday was the options expiry at the CME. That may have helped to kick off a short squeeze that accelerated as Asia came online.
The rally to $10,000 virtually erased the entire September drop.
