News Bitcoin holds ground after China voices support for blockchain

Bitcoin holds ground after China voices support for blockchain

-

- Advertisment -Bitcoin holds ground after China voices support for blockchain

LONDON (Reuters) – Bitcoin held ground on Monday near a one-month high scaled over the weekend after China’s president Xi Jinping said the world’s second biggest economy should accelerate the development of blockchain technology.

Blockchain, a digital ledger that forms the backbone of many cryptocurrencies such as bitcoin, should be the core for innovation in China, Xi said on Thursday.

Bitcoin BTC=BTSP surged 24% between Friday and Saturday after Xi’s comments, touching $10,350 in its biggest two-day jump since the height of its retail-driven bubble in December 2017. Other major cryptocurrencies including ethereum ETH=BTSP and Ripple’s XRP XRP=BTSP also soared.

In early London trading, bitcoin – the largest cryptocurrency by market capitalization – was down 1.6% at $9,403.

Cryptocurrency exchanges are banned in China, though trading is popular on over-the-counter venues, and Chinese buyers account for major volumes on platforms elsewhere, market players say.

“The positive comments from the Chinese leader will continue to support the broader crypto prices to maintain at current levels, as China remains a major player when it comes to global crypto trading,” said Andy Cheung, head of operations of OKEx, a Malta-based exchange popular among Chinese, in an email.

China-based Google searches for bitcoin and blockchain also spiked after Xi’s comments, suggesting that the remarks had piqued intense interest in cryptocurrencies.

“There have definitely been more conversations since the weekend,” said Anthony Wong of Hong Kong-based crypto investment firm Orichal Partners.

Bitcoin has slumped in recent months as politicians and regulators across the world have criticized Facebook’s planned Libra cryptocurrency. It had lost a third since it touched its highest this year in June on hopes that Libra would hasten the mainstream acceptance of virtual coins.

Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Math-Based Approaches To Win Slot Games

If the 17th Century was the era of Blackjack, and 19th Century was the undisputed reign of...

Reasons To Prefer Slot Games Even When You Are Losing

Oh what a wonderful world the slot machine industry is, full of technological evolution and the all-important...

Advice for Responsible Slot Gambling From an ex Addict

Thanks to a combination of improved gameplay and their availability on remote devices, the slots you can...

When You Should Stop Playing Bingo

Since its inception in the late 1800s, Bingo has enjoyed a remarkable rise to popularity, being a...
- Advertisement -Bitcoin holds ground after China voices support for blockchainBitcoin holds ground after China voices support for blockchain

Why Bitcoin Will Succeed?

If Bitcoin will succeed or not is an interesting question. For the time being, Bitcoin holds a...

Elon Musk Tweets That “Bitcoin” Is Not His Safe Word

By now, you probably know that Elon Musk appears to have knocked up his girlfriend, Grimes. And just when you...

Must read

Math-Based Approaches To Win Slot Games

If the 17th Century was the era...

Reasons To Prefer Slot Games Even When You Are Losing

Oh what a wonderful world the slot...
- Advertisement -Bitcoin holds ground after China voices support for blockchainBitcoin holds ground after China voices support for blockchain

You might also likeRELATED
Recommended to you