RATE Group | Bitcoin Jumps 12% as China’s Xi Embraces Blockchain, Boosting Crypto Sentiment
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Bitcoin Jumps 12% as China’s Xi Embraces Blockchain, Boosting Crypto Sentiment

25 Oct Bitcoin Jumps 12% as China’s Xi Embraces Blockchain, Boosting Crypto Sentiment

Posted at 20:32h in Cryptocurrency News by

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  • Bitcoin prices are rebounding from a five-month low touched earlier this week.
  • Chinese President Xi Jinping said his country should seize opportunities afforded by blockchain, the technology that underpins bitcoin.
  • Despite China’s ban on cryptocurrency exchanges in 2017, the comments from the leader of the world’s second-largest economy could boost sentiment toward digital assets in general, providing a positive market backdrop for bitcoin, says eToro’s Mati Greenspan.

Bitcoin prices shot up 12 percent Friday, climbing off a five-month low touched earlier this week, after Chinese President Xi Jinping said his countrymen should “seize the opportunity” afforded by blockchain technology.

Although China’s central bank ordered mainland-based coin exchanges to close in 2017, Xi’s comments in support of enterprise blockchain, which share the distributed-ledger technology underpinning bitcoin, is good for sentiment around the crypto industry, said Mati…

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