Chinese state television reports Bitcoin’s new all-time high

Bullish: Chinese state television reports Bitcoin’s new all-time high

Finally, the eyes of the world are on Bitcoin. In the last 36 hours, the leading cryptocurrency has seen a stunning rally that has taken it from $19,000 to as high as $23,800 on leading spot and futures exchanges.

Bitcoin is poised to move even higher, analysts say, as there are no technical resistance levels above the current price. This sustained Bitcoin Evolution rally has led to the eyes of the world being on Bitcoin and cryptocurrencies.

Mainstream media such as CNN, Fox Business and others are covering this rally. We are at a point where Bloomberg discussed BTC with one of the world’s leading asset managers yesterday – instead of covering live comments from Federal Reserve Chairman Jerome Powell.

Even Chinese state media have reported on this rally.

Chinese state media report on bitcoin rally

As mentioned by „Molly“, a Chinese crypto insider, Chinese state television CCTV recently covered the bitcoin rally in a short segment that aired last night. CCTV is a state media channel watched by hundreds of millions of people in China.

The segment’s headline highlighted Bitcoin’s new all-time high and its remarkable 500 per cent performance since the March 12 and 13 lows at $3,500.

Chinese National Tv channel CCTV : „bitcoin price hits historical high ,rises 450% since the March 12 “
– Molly (@bigmagicdao) December 17, 2020

CCTV appears to attribute this rally to the recent influx of Wall Street participants into the crypto asset space.

Just yesterday, a UK investment firm confirmed that it has nearly $800 million worth of bitcoin on its balance sheets as it seeks to hedge its portfolio against a fall in the US dollar and a drop in bond yields.

Previously, prominent Wall Street funds have announced their intention to buy Bitcoin as they also look to create a hedge position against these unprecedented macroeconomic times.

Bitcoin trending on Twitter

Bitcoin was trending on Twitter in Canada, the UK and some parts of the US. In some places, over 150,000 tweets were posted about the leading cryptocurrency in a 24-hour period, well above the norm.

Much of this engagement involved industry supporters and those who watch Bitcoin expressing their excitement or confusion about the new all-time high.

The Bloomberg segment with Scott Minerd also went viral, as the Wall Street money manager was quoted as saying that BTC could reach $400,000 in the coming years.

Interestingly, apart from Twitter, there is not much attention on Bitcoin. Google Trends shows that overall interest in the search term „bitcoin“ in the US is still less than 25 per cent of the all-time high of $20,000 reached in 2017/2018.