china wechat blockchain
China: WeChat Searches for ‘Blockchain’ and A-Share Stocks Skyrocket
October 29, 2019
china wechat blockchain
China: WeChat Searches for ‘Blockchain’ and A-Share Stocks Skyrocket
October 29, 2019

Chinese Blockchain A-share firms have maxed out to 10% daily limit on their stocks after an endorsement of the technology from the highest echelons of power.

On Oct. 28 the Global Times reported the stock market rally.

Moreover, the President of China Xi Jinping had called for the country to accelerate in adopting blockchain technologies to drive innovation and industrial transformation.

On Oct. 28., Reuters reported that the head of the technology department at the People’s Bank of China has urged banks to ramp up their application of blockchain for digital finance.

Interest in Bitcoin, Blockchain

At press time, Bitcoin soared by close to 16% price on the week while trading above 9400$. While, on Oct 26, the cryptocurrency saw its highest intraday gain, while gaining 42% to trade at $10,500 since 2011.

Search data on Wechat shows investors correlating the top coin’s price hike with the surge in popular interest. It highlights an explosion of interest in Bitcoin and blockchain.

ALSO READ :  Bitcoin's Worst Crash In 7 Yrs: Is It Time To Buy The Dip?

Dovey Wan, the co-founder of crypto investment holding firm Primitive Ventures, tweeted a screenshot of the stock market boom in the domestic blockchain sector:

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.

Today, Oct. 28, Wan has also voiced her concern following reported news that:

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.

ALSO READ :  Chinese Court Freezes $676k In Assets Of Bitmain's Subsidiary

Source: The Global Times


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain technology, cryptocurrencies and decentralized apps.
Share This

Share This

Share this post with your friends!