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XI Jinping's speech provoked an increase in the value of "Chinese" cryptocurrencies

XI Jinping’s speech provoked an increase in the value of “Chinese” cryptocurrencies

After a recent speech by the President of the people’s Republic of China, XI Jinping, interest in blockchain and cryptocurrencies in the country has increased dramatically.

After the Chairman of the ruling Communist party called blockchain technology “fundamental in the process of a major breakthrough in the economy,” the number of requests related to blockchain has increased sharply in the Chinese search engine Baidu and the WeChat messenger.

On Friday, the number of such queries in the Baidu search engine was 72,049, which is 1,382% more than the day before. Messenger WeChat recorded 3 331 874 mentions the blockchain, the growth of 329%. In addition, on Saturday, these values increased by about 170%.

At the same time, search queries with the word “bitcoin” were initially not in demand, and on Friday their number decreased by 5%. However, the next day, there was a 144% increase in the number of such requests in WeChat and 216% in Baidu.

Recall that Jinping expressed support for blockchain technology and called for developing this direction in order to take a leading position. This statement seems to signal that the country will gradually delve into this area.

The cryptocurrency market took this news positively. Although many do not agree that it was Jinping’s statement that was the catalyst for growth, after the release of this news, bitcoin, and other cryptocurrencies, began to grow at a rapid pace.

The first breakthrough was made by bitcoin, but yesterday projects with Chinese roots also became leaders. So, NEO, which is often referred to as the “Chinese Ethereum”, grew by more than 30% and reached a multi – month high in trading volume-above $1 billion.

Other notable coins are TRON (+17%), Ontology (+39%), Bytom (+79%), HyperCash (+18%), Nebulas (+33%) and Qtum (+26%), which are also directly or indirectly linked to Chinese developers.

Bitcoin is currently trading around $9,400-$9,500, up 26% over the weekend. On the night of Friday to Saturday, the rate of the first cryptocurrency for some time even exceeded $10,000.