For the first time since July 2018, flagship coin Bitcoin has gotten back to its feet and is trading just above the $8,000 mark, making it one of the top trending searches on China’s biggest search engine “Baidu”.
The coin has increased above 40% in the past week and more than 90% in the past 30 days. This means the price of Bitcoin has doubled compared to last month and it looks like it’s not slowing down anytime soon.
It’s not surprising that Bitcoin is now huge in China, after lottery-like game VDS is forcing investors to use BTC to exchange for VDS. The game has gone viral in China, increasing Bitcoin’s price among the Chinese crypto community.
The new upcoming Facebook cryptocurrency is also believed to be part of the increase in the crypto market, alongside JPMorgan’s stablecoin and Bakkt. The ongoing China-US trade war is also causing the stock markets to crash, making Bitcoin standout as a global hedge for its decentralization feature.