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.
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 Incredible! pic.twitter.com/gXvqEQOmVn — Cole Kennelly ⬙ 🦄 (@ColeGotTweets) October 27, 2019
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:
as expected, almost ALL (over 100) Blockchain-related Chinese A-shares hit the daily upper limit (10% intraday gain) New money in China will first hit the stock to follow on the Xi/Blockchain news, and later ______ pic.twitter.com/sC5IZgAojo — Dovey 以德服人 Wan 🗝 🦖 (@DoveyWan) October 28, 2019
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:
China… 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] 🤐🤐🤐 — Dovey 以德服人 Wan 🗝 🦖 (@DoveyWan) October 28, 2019
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.
Source: The Global Times