The latest blockchain news show that the nation of China is apparently more and more interested in adopting the technology. In fact, it is the WeChat searches that show that terms like “blockchain” and “A-share stocks” are gaining popularity after the technology was endorsed from the highest echelons of power. This came right after stocks in the Chinese blockchain A-share firms maxed out to their 10% daily limit after the major endorsement came.
We are talking about a report on October 28 by the Global Times, when the English-language newspaper reported about the stock market rally within the CPC-owned People’s Daily Group. This came right after the President of China Xi Jinping had called for the country to accelerate their adoption of blockchain technologies in order to drive innovation and industrial transformation.
The head of the technology department at the People’s Bank of China (PBoC) has today urged banks to ramp up the application of blockchain for digital finance. This is what Reuters reports today (Oct. 28) and what drove the WeChat searches about blockchain to new heights.
Meanwhile, Bitcoin has soared by close to 16% on the week and is trading above $9,400 at press time. On Octoebr 26, the most dominant cryptocurrency saw the highest intraday gain since 2011 – ballooning to $10,500 in a 42% rally.
The explosion of interest in Bitcoin and blockchain is right now evident in the cryptocurrency news. As the WeChat searches show, investors are correlating the top coin’s price hike with the surge in popular interest from October 23 and October 25. The stats show the following:
“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”
The co-founder of the crypto investment holding firm Primitive Ventures Dovey Wan talked about the WeChat searches on blockchain and tweeted a screenshot of the stock market boom in the domestic blockchain sector. Her tweet came on-point with which he noted that “as expected, almost ALL (over 100) blockchain-related Chinese A-shares hit the daily upper limit (10% intraday gain).”
Meanwhile, on the global markets we can see Chinese firms such as the Shenzhen Xunlei Networking Technologies Co. soaring by 107.76% to a price of $4.82. This was the highest daily rise since their listing on Nasdaq in 2014, as Global Times reported.
Wan also voiced her concern following the 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].”
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