Cointelegraph Team
Cointelegraph
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.
Interest in Bitcoin, blockchain
Bitcoin (BTC) has soared by close to 16% price on the week and is trading above $9,400 by press time.
On Oct. 26, the cryptocurrency saw its highest intraday gain since 2011, gaining 42% to trade AT $10,500.
An explosion of interest in Bitcoin and blockchain is evident in search data on WeChat, with investors correlating the top coin’s price hike with this surge in popular interest:
WeChat searches (10/23/19):
- 区块链 (Blockchain): 777K
- 比特币 (Bitcoin): 572K
WeChat searches (10/25/19):
- 区块链 (Blockchain): 9.2MM
- 比特币 (Bitcoin): 1.3MM
WeChat search data 23-25 Oct. 2019. Source: Cole Kennelly
Dovey Wan, co-founder of crypto investment holding firm Primitive Ventures, tweeted a screenshot of the stock market boom in the domestic blockchain sector, noting that “as expected, almost ALL (over 100) blockchain-related Chinese A-shares hit the daily upper limit (10% intraday gain)”:
Blockchain firm A-shares on the Chinese stock market. Source: Dovey Wan
A blockchain arms race
Meanwhile, on global markets, Chinese firms such as the Shenzhen Xunlei Networking Technologies Co. soared 107.76% to $4.82 — its highest daily rise since its listing on Nasdaq in 2014, according to the Global Times.
Today, Oct. 28, Wan has also voiced her concern following reported news that:
“China Merchant Bank just announced invested in BitPie, the Bitcoin wallet with longest history and most users back in China ... Tho it's a non-custodial wallet there can be a non-zero chance .... [redacted]”
Blockchain platform Tron (TRX), formerly under intense scrutiny from Beijing, has gained almost 25% on the TRX/USD charts over the 24 hours to press time.
Readers might recall that Mark Zuckerberg had last week attempted to fuel lawmakers’ concerns about a prospective cryptocurrency and fintech arms race between the United States and China, in a bid to seal their approval for the development of Facebook’s Libra stablecoin.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
Chainlink social dominance hits six-month peak as LINK extends gains
-637336005550289133_XtraSmall.jpg)
Chainlink social dominance surged to a six-month peak on Friday as LINK holders increased their activity. LINK traders started taking profits, on-chain data trackers show. LINK price added 6% on Friday, extending its gains from mid-week.
Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570
Binance’s Financial Crimes Compliance (FCC) department joined forces with Taiwan’s Ministry of Justice and helped resolve a case of money laundering worth NT$200 million, or $6.2 million.
Bitcoin Weekly Forecast: Is BTC out of the woods? Premium
Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.
XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa
Ripple hovers close to $0.51 on Friday, above the psychologically important $0.50 level, as traders await the court ruling of the lawsuit against the US Securities and Exchange Commission and amid new commitments from the firm to expand its services in Africa.
Bitcoin: Is BTC out of the woods? Premium
Bitcoin (BTC) price action in the past two days has confirmed the resumption of the bull run. However, BTC needs to clear a few key hurdles before investors can go all-in.