China Declare Bitcoin as Legal Commodity Price Spikes More than $1000 in an Hour
Bitcoin Market has seen a massive $1000 pump in an hour yesterday. Bitcoin continues to rise and made a high of $10,800 after dropping to $9300. The pump was insane and have a good volume that will show that Bitcoin is still bullish and will rise more in the coming days.
The rise is because of good vibes from a number of American Senators on Facebook Libra hearing. The pump was the same as happened at the starting of the parabolic move of Bitcoin starts on 1 April. Maybe Bitcoin will start another parabolic move soon.
Crypto twitter has more buzz about news shared by Dovey Wan that Bitcoin is declared as a legal commodity (recognized as virtual property with monetary value) by Hangzhou Internet Court.
This is not the first time a Chinese judicial body called Bitcoin a legal asset. Shenzhen Arbitration Commission declared “the asset should be protected in accordance with law” and is legal to own and transfer in 2018.
Hangzhou Internet Court further explained:
Bitcoin has the value, scarcity and disposableness of property as a subject of rights, and should be recognized as its virtual property status.
However, this does not open doors for cryptocurrency trading in China via domestic platforms and ICOs (Initial Coin Offering) are still banned since 2017.
This is great news for the crypto community that government bodies are looking closely to Bitcoin and ready to make new regulations on digital currencies. As Bitcoin is declared as a legal commodity does not mean that exchanges will start working in China.
