Due to an advertising campaign carried out by the authorities of the People’s Republic of China, the Bitcoin addresses were increased. In the last hours, according to the CoinTelegraph portal, some 22,000 new addresses were created in a few hours.
It is not the first time that the authorities of that Asian nation have served as a boost to the pioneering cryptocurrency. The price of Bitcoin has already been favored by state media flirtations with digital currencies or with Blockchain technology.
In this sense, the market analyst, Cole Garner, assured in his account on the social network Twitter, that it is a boost of great proportions. It is the first time in two years, that there is similar growth in the new directions of the Satoshi Nakamoto coin.
Increase in Bitcoin addresses could boost its price
It is likely, explained the analyst, that the increase in Bitcoin addresses could boost the price of this cryptocurrency. Showing data from the Glassnode analytics portal, Garner explains that the normal range of address creation is between 5,000 and 10,000 per day.
However, in a single day, on October 5, an unparalleled number of 22,000 were created. “Bitcoin addresses were totally off the charts for the past week”Wrote the analyst.
In relation to the price of Bitcoin, caused by the increase in active addresses, Garner relied on the analysis of Willy Woo, another authority in this field. According to the latter, the huge number of new entities reflects steps towards the growth of the adoption of cryptocurrencies, but has not yet been reflected in their price.
“Volume precedes price”Explains Garner, for whom the new Bitcoin addresses indicate volume growth and increased demand.
Chinese media behind the increase?
Although the reason for the increase in new Bitcoin addresses cannot be determined with complete certainty, the aforementioned analyst bets on the Chinese media. According to him, the advertising campaigns of some large audience portals in the communist nation, would have increased interest.
At the end of last month, the official Chinese propaganda launched a promotion claiming that cryptocurrencies are the highest performing asset in 2020.
The aforementioned analysts, as well as others, have expressed surprise at this initiative carried out by the Chinese government. This is because Beijing has been hostile to cryptocurrency transactions, given its inability to control them centrally.
Data to take into consideration
- Since 2017, a law has been launched in China that prohibits cryptocurrency transactions with some exceptions.
- Some analysts agree that it is “curious” that the Chinese media, tightly controlled by Beijing, praises digital currencies despite the ban.
- China could be one of the first nations in the world to launch its own digital currency controlled by its Central Bank.
- The average daily Bitcoin addresses created is from 5 to 10,000. However, on October 5, 22 thousand were created.