Bitcoin had a wild weekend, briefly topping $10,000, after China’s Xi sang blockchain’s praises
Bitcoin’s price rose sharply over the weekend, recovering from a plunge just days earlier, after Chinese President Xi Jinping gave a speech embracing blockchain technology and calling on his country to advance development in the field.
The value of the world’s best-known cryptocurrency jumped as high as $10,332 on Saturday, according to data from industry website CoinDesk. The price has since eased to around $9,370 as of Monday morning, up about 1% on the day.
The virtual currency’s jump came as China’s leader sang the praises of blockchain, the technology that underpins cryptocurrencies like bitcoin. According to state media, Xi said Friday that China has a strong foundation and should look to take a leading position in the sector.
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Stocks in Chinese blockchain A-share firms maxed out to their 10% daily limit after an endorsement of the technology from the highest echelons of power.
The stock market rally was reported on Oct. 28 by the Global Times, an English-language newspaper within the CPC-owned People’s Daily Group.
Last week, President Xi Jinping had called for the country to accelerate its adoption of blockchain technologies to drive innovation and industrial transformation.
Today, the head of the technology department at the People’s Bank of China (PBoC) has urged banks to ramp up their application of blockchain for digital finance, Reuters reported on Oct. 28.
Tron Price Up 25% as China Reportedly ‘Bans’ Anti-Blockchain Sentiment
In a sign of China’s abrupt official about-turn on blockchain, officials are deleting posts that claim the technology is a scam, Twitter-based crypto news resource cnLedger reported on Oct. 28.
Chinese officials and president Xi Jinping caused a stir late last week after the latter gave a speech condoning blockchain. China, he said, would become the world’s foremost proponent of the technology and would seek to implement it throughout the economy.
According to cnLedger, in line with previous reactions to official policy, major social media platforms are already censoring anti-blockchain sentiment.
“Articles saying blockchain technology is a scam are now BANNED,” it stated.
The move is somewhat ironic, cnLedger noting that in the past, it was content related to blockchain and cryptocurrency which administrators would seek to remove.