Bitcoin (BTC) has managed to hold above the $ 10,000 support despite a series of bad developments and lawsuits. This situation caused astonishment for investors. This is why many people wonder why the leading cryptocurrency is standing up to the news of BitMEX suing and hacking the KuCoin cryptocurrency exchange. Famous analyst Cole Garner explained that the reason for this is entirely China.

Expert economist Garner announced that the number of new Bitcoin wallet addresses has literally broke a record, especially last week. According to the data provided by the analyst, there was a big break in this metric. The increase in the number of new wallet addresses in the days of sharp decreases in the Bitcoin price actually shows that a big difference is beginning to occur.

On Thursday evening, when the BTC price dropped to $ 10,427, the total number of active addresses rose to over 22,000. Breaking the 2-year record in the number of wallet addresses is actually the biggest proof of the change. Garner, on the other hand, emphasized in his tweet series that this development is actually a "new bull market catalyst" and that this development will bring the bull market. The expert name emphasized that these new wallet addresses are based in China and that there is an influx of Chinese investors in the sector.