The move, however, was extremely technical - bouncing off its 200DMA, testing up to its 50DMA...

While many had ideas on the catalysts for the move, it appears the biggest driver came from China's President Xi Jinping confirmed Facebook CEO Mark Zuckerberg's big warnings to Congress last week, calling for China to accelerate its adoption of blockchain technologies as a core for innovation.

As CoinTelegraph reports, Xi made the comments at a Politburo Committee session on blockchain technology trends on Oct. 24.

Blockchain adoption promotes innovation

Xi stressed that the implementation of integrated blockchain technologies is key in promoting technological innovation and transforming industries. He told the committee:

"We must take blockchain as an important breakthrough for independent innovation of core technologies, clarify the main directions, increase investment, focus on a number of key technologies, and accelerate the development of blockchain and industrial innovation."