| It appears that China is waking up. The country's President, Xi Jingping urged for further adoption of blockchain technology and this might have been one of the reasons for Bitcoin's surge from $7,350 to $10,350.
The events made last week the best one for Bitcoin since May. However, it's not the first time that statements from China affect market volatility. The increase was a fundamental reaction which left most of the technical analysts surprised. It also saw a lot of short positions liquidated, especially those which were counting on a correction to $6,000. Now, the market is pulling back and trying to figure out whether the trend is strong enough to keep going up or if it's just a bull trap. The timing of China's news came as the market had entered into fairly bearish conditions after the price lost the support around $8,000. However, last week we also pointed out that Bitcoin's sentiment usually changes in a moment. Thus, just before the end of the year, the market recalculates and marks a successful 2019 in terms of price. However, the regulatory framework is still not good enough as the existing infrastructure fails to enable Bitcoin's integration in the traditional economy. | 
BTC: $9,339
ETH: $185
XRP: $0.302
Bitcoin Marks Its Best Week Since May: Crypto Weekly Report