Bitcoin holds ground after China endorses blockchain

Photo by Andre Francois on Unsplash

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 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 and Ripple’s XRP 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 leader will continue to support the broader crypto prices to maintain at current levels, as China remains a major player when it comes to global crypto trading,” said Andy Cheung, head of operations of OKEx, a Malta-based exchange popular among Chinese, in an email.

China-based Google searches for bitcoin and blockchain also spiked after Xi’s comments, suggesting that the remarks had piqued intense interest in cryptocurrencies.

“There have definitely been more conversations since the weekend,” said Anthony Wong of Hong Kong-based crypto investment firm Orichal Partners.

Bitcoin has slumped in recent months as politicians and regulators across the world have criticized Facebook’s planned Libra cryptocurrency. It had lost a third since it touched its highest this year in June on hopes that Libra would hasten the mainstream acceptance of virtual coins.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.