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NewsBreak: Bitcoin on Fire as China's Xi Hails Potential of Blockchain

Published 10/25/2019, 02:09 PM
Updated 10/25/2019, 02:23 PM
© Reuters.

Investing.com – Bitcoin awoke from its slumber, with a double-digit pop Friday after China Presdient Xi Jingping extolled the benefits of blockchain, the software that powers the popular crypto currency.

  • Xi hinted at plans to ramp up the development blockchain and highlighted the potential of technology to boost China’s economy. That raised hopes that crypto activity would ramp up in China after the country cracked down on crypto exchanges and miners two years ago.

  • Bitcoin was also supported by signs of increased demand as Bakkt, the ICE-backed futures exchange, reported record bitcoin trading volume record.

  • Bitcoin surged 13% above $8,400 after trading as low as $7,400 on the day. Other cryptos were also higher, with Ethereum up 10%, XRP up nearly 8% and Litecoin up 12%.

Latest comments

They would back it by some legitimate asset. They for sure not using a volatile asset like BTC as collateral
These comments show you the average intelligence of commenters. When a government says it's going to embrace a technology, investment all through that technology's industry tends to soar. And with good reason. China embracing blockchain would significantly increase the popularity of all cryptocurrencies. Bitcoin detractors' tears are delicious. We're still waitiing for your predictions of its collapse from 2013, when it was worth $30, to manifest. Lol. Chumps.
they bought at 20k and panicked at the bottom and now they're butthurt
This shows you the average intelligence of Bitcoin investors. Blockchain is not Bitcoin
Bitcoin is (a) blockchain. Blockchain can be used independantly from bitcoin. Shows your intelligence is average.
China's president said they are open to blockchain, not Bitcoin. I'm sure they will start their own blockchain. that's China's way.
china would need to have crypto they could control the price of
China is going so broke they are about to consider using Bitcoin watch
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