Tether and Search Engine Data Reveals China Fueling Bitcoin Rally

[Mr.Tom]

By CCN Markets: Over the past three months, the bitcoin price has risen from $3,911 to $8,120 against the U.S. dollar on major crypto exchanges, demonstrating strong momentum supplemented with a clear rise in volume. In recent weeks, the interest towards bitcoin on Baidu, the most widely utilized search engine in China, spiked significantly to 2018 levels, which could potentially indicate an increase in the demand for the asset by retail investors. Tether volume similarly indicates a rise in interest towards bitcoin In China, it is not illegal to own or store bitcoin as said by the Bank of China’s

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