The price of Bitcoin rose 12% on Friday and continues to rise as of this writing, breaking the bearish trend it was in earlier this week.

The rise was attributed by many analysts to the statement of Chinese President Xi Jinping, who told his citizens to seize the opportunity produced by the blockchain.

Although the Chinese central bank ordered the closure of cryptocurrency exchanges in 2017, the Chinese president’s comments in support of the blockchain technology that underpins bitcoin is good for sentiment in the crypto industry, which is what Matty Greenspan, chief market analyst at eToro, sees. .

According to Greenspan, this, in turn, could boost positive sentiment toward Bitcoin, the blockchain-based digital asset that emerged a decade ago.

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Greenspan said in a phone interview with Source:

It is bullish for the entire crypto industry and in general, as the statement is issued by the leader of the largest economies in the world who have declared the adoption of blockchain technology.

Bitcoin, as we know, is a major player in the blockchain industry.

Greenspan of eToro added that the rise in prices is directly related to the Chinese leader’s comments, and that it appears that the rise was a reaction from investors.

Greenspan also stated:

There is a lot of good news that can be overlooked.
But some of them can not be ignored, such as issued by the Chinese president, who is considered one of the most important people in the world.

Bitcoin has jumped 12 percent in the past 48 hours, reaching $8,392 yesterday as of 16:02 UTC.

To increase the price even more, and the price of Bitcoin today reaches 9,604 dollars at 7:15 UTC.

While earlier this week, the cryptocurrency reached $7,363, the lowest level that Bitcoin has known since May 18.

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Friday’s prices started live at 10:15 UTC, right after the Chinese president’s positive comments were posted on Chinese social media and media.

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The Chinese president’s comments on blockchain are believed to be the first in-depth comments on the technology.

Chinese officials are developing a digital version of the country’s currency, but have banned other cryptocurrencies from circulation.

As for some of Thursday’s statement that caused bitcoin to take off, the Chinese president said as follows:

We should consider the blockchain as an important achievement for the independent innovation of core technologies.

Bitcoin is still far from the 2019 high of $12,920 that the coin hit exactly last June.

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