CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$27,786.00
  • ethereum
    ETH$1,898.09
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » Crypto News » WeChat Search Volume For Blockchain Spiked 1,200% Following The New Chinese Cryptocurrency Laws

    WeChat Search Volume For Blockchain Spiked 1,200% Following The New Chinese Cryptocurrency Laws

    Author: Jordan Lyanchev

    Last Updated Nov 7, 2019 @ 14:05

    The last several days have been nothing but eventful for the cryptocurrency community. A few days ago, China’s president, Xi Jinping, urged the country to adopt blockchain technology to drive technological innovation. The announcement seems to have generated interest in the cryptocurrency and blockchain industry, especially within China. Shortly afterward, all cryptocurrencies experienced double-digit price increases.

    WeChat, a Chinese multi-purpose app, recorded an immense surge in blockchain-related search topics on its platform. On the 23rd of October, the word “blockchain” was searched for less than 800,000 times, and Bitcoin was searched for less than 600,000 times. On October 25th, the day of the Chinese president’s announcement, there were 9.2 million searches for “Blockchain” and 1.3 million for “Bitcoin.”

    China Introduces Cryptography Law

    Xi’s announcement was followed by the introduction of a new cryptography law, which will go into effect at the start of 2020.

    According to state media, “the cryptography [law] is aimed at standardizing the application and management of passwords, promoting the development of the password business, ensuring network and information security, and improving the scientific, standardized, and legalized level of password management.”

    While the previously published draft didn’t mention blockchain tech, cryptography is an important component of the technology. It’s often used to link sets of records, or blocks.

    ADVERTISEMENT

    China seems to be more open-minded these days toward blockchain, even though cryptocurrency trading is still banned in the country. Back in August, the country announced that it would launch a government-backed cryptocurrency this November.

    Xi Jinping, china
    Xi Jinping, China’s president

    The Reaction Not Late To Come

    Amid the rising interest, Bitcoin’s price skyrocketed over 40% to a 30-day high of $10,350. The spike was followed by the typical volatility of the crypto markets, as it came just days after the price plunged to $7,300, which was the lowest it had been since May of this year. All in all, the last few days have seen significant gains for all cryptocurrencies.

    While the community contemplates the future of the crypto markets and the possible reasons for the recent move, the most commonly used word for explaining the surge has been “China.” As it’s the second-largest economy in the world in terms of GDP, news from the country’s officials could have a tremendous impact on the market.

    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.

    You Might Also Like:

    • China. Source: Forbes
      Major Chinese Bank to Sell $3 Billion of Debt Using Blockchain
    • paypal_crypto_bitcoin-min
      The Good and The Bad About Cryptocurrency on PayPal
    • bmw_cover
      BMW Korea Goes Blockchain: Reward Program Inbound
    Tags: Blockchain China WeChat
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

  • bitcoin
    BTC$27,786.00
  • ethereum
    ETH$1,898.09
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    The Weaknesses of Ethereum VS Modern Blockchains: Interview With Radix

    The Weaknesses of Ethereum VS Modern Blockchains: Interview With Radix

    Institutions Intend to Buy Bitcoin in Late 2023: Interview With CryptoQuant

    Institutions Intend to Buy Bitcoin in Late 2023: Interview With CryptoQuant

    Why Didn’t ETH Dump After Shanghai? Interview With Nansen

    Why Didn’t ETH Dump After Shanghai? Interview With Nansen

    What is PEPE Coin? Is This the Next Huge Memecoin?

    What is PEPE Coin? Is This the Next Huge Memecoin?

    What is the Ethereum Shanghai (Shapella) Upgrade? Everything You Need to Know

    What is the Ethereum Shanghai (Shapella) Upgrade? Everything You Need to Know

    15 Months Later, What Changed Since November 2021? Interview With Phantom Wallet CEO

    15 Months Later, What Changed Since November 2021? Interview With Phantom Wallet CEO

    Artificial Intelligence & Crypto Guide: Here Are the Top 5 AI Coins

    Artificial Intelligence & Crypto Guide: Here Are the Top 5 AI Coins

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!