BTC surprise pumps to $10k

Just when BTC got rather boring and most were expecting a further drop to the $6k level, it rose from the dead and surprised everyone.

Going from $7,400s and wicking all the way up to $10,300s to see a massive 40% gain in less than 24hrs. This move by BTC pretty much recovered the month long bleed.

Crowd reactions

• btc runs 40% and my alts go red to all time lows on the pairs. brutal. fucking brutal
• some days ago, ppl here said ”btc wont se 9k again for months” every prediction here is so fucked up
• Dont try to go against btc with that pump
• damn BTC gone crazy
• Btc dropped back man. I don't think it'll hit 16k without more good news
• Sold a little piece of BTC yesterday at 15% up and just woke up and now 28% up 🤦🏾‍♂️

Some attributed the pump to:

• China President Xi's pro-blockchain outlook & initiatives
• Shorts getting rekt on the way up. Willy Woo sums it up best in this Twitter thread.
• CME gap fill

With China's focus on blockchain, some speculators are starting to bet on Chinese projects like NEO. While most of the market fell against BTC, $NEO pumped more than 10%.

So did NEO's social volume.

The Asian markets still remain rather elusive for most people as majority of resources available only covers western based events and even if there's Eastern news, they tend to be delayed news.

That being said, Dovey Wan's (Primitive ventures) insights have been really helpful in understanding the situation in China and is definitely worth checking out.

• Chinese WeChat/Baidu search results following Xi's announcements
• China's role in the recent market surge

The race is on now for blockchain adoption. But who will be the winner?