China may be causing the headlines on new bitcoins (BTC) to rise when the government launches a “targeted marketing campaign” in favor of cryptocurrencies.
In a series of tweets on October 5, market analyst and cyclist Cole Garner last week noted a record two-year increase in new bitcoins.
Using data from a monitoring source on the Glassnode chain, Garner notes that in just one day, about 22,000 new bitcoin devices appeared. Normal levels range from 5,000 to 10,000 per day.
He summed up in the comments, “The headlines for new bitcoins were absolutely over the top last week.”
Garner drew on other recent discoveries by statistic Willie Wu. Late last month, Wu described what he said as “an increase in the activity of new entrants to BTC, which is not yet reflected in the price,” also from Glassnode data.
Garner said the new headlines are an important indicator of volume and that they should follow the price movement. He wrote Volume to Price.
Encryption service praises Chinese media
The source of new addresses cannot be determined with certainty. However, China is Garner’s best attempt as there was a lot of media coverage in the media in the last week of September that described the cryptocurrency as the best performance in 2020.
Last week, the Chinese government launched a coordinated marketing campaign to focus the attention of Chinese retail investors on cryptocurrencies. Yes, this is really happening, ”he wrote in another tweet.
The move also caught the attention of Primitive co-founder Duffy Wang, who called the Chinese government’s media campaign “weird.”
“Rarely do such coordinated efforts happen,” she commented at the time.
China has traditionally been considered a hostile environment when it comes to consumers’ ability to handle cryptocurrencies. The ban from 2017 remains in effect, transactions are limited to OTC or OTC trading, even if mining continues publicly.
Meanwhile, as Cointelegraph reports, the bitcoin chain’s upbeat settlement continues to double and Wu is among those demanding a breakout regardless of traditional assets, especially gold, in the near future.