Bitcoin holds ground after China voices support for blockchain


LONDON (Reuters) - Bitcoin held ground on Monday near a one-month high scaled over the weekend after China’s president Xi Jinping said the world’s second biggest economy should accelerate the development of blockchain technology. Blockchain, a digital ledger that forms the backbone of many cryptocurrencies such as bitcoin, should be the core for innovation in China, Xi said on Thursday. Bitcoin BTC=BTSP surged 24% between Friday and Saturday after Xi's comments, touching $10,350 in its biggest two-day jump since the height of its retail-driven bubble in December 2017. Other major cryptocurrencies including ethereum ETH=BTSP and Ripple's XRP XRP=BTSP also soared. In early London trading, bitcoin - the largest cryptocurrency by market capitalization - was down 1.6% at $9,403. Cryptocurrency exchanges are banned in China, though trading is popular on over-the-counter venues, and Chinese buyers account for major volumes on platforms elsewhere, market players say. “The positive comments from the Chinese…

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