China’s Blockchain, Tech Stocks Surge on Xi’s Comments

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Chinese President Xi Jinping’s pro-blockchain comments were credited as the main reason behind the crypto market rally that has defied all expectations since last Friday. However, Xi’s remarks also benefited local tech firms. Shenzhen Tech Index Up to Highest Level in 8 Months On Monday, most of the tech companies traded in China, especially those betting on the distributed ledger technology (DLT), saw their stock price surging. The Shenzen tech index jumped 5.3% today, to the highest level in eight months. Last week, Xi said China would boost investment in blockchain. The President made this decision based on the conclusions of a study carried out by the Political Bureau of the CPC Central Committee, which held its 18th session on DLT. Xi’s comments sparked a crazy rally in the crypto market, with Bitcoin exploding to above $10,000 for a few minutes on Saturday, after trading below $7,500 early on Friday.…

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