"Bitcoin is still inside a bear market, despite the recent price rally," Julio Moreno, head of research at CryptoQuant, said. 

"Bitcoin is still inside a bear market, despite the recent price rally," Julio Moreno, head of research at CryptoQuant, said.

With a shrinking population and a collapsed property market, turning to a technology-led growth strategy was a logical step for China. The model has surpassed expectations, even with the fundamental flaw of being unable, for now, to create enough wealth to lift the fortunes of a broad slice of society.