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Oct 28, 2019

Bitcoin flirts with US$10,000 after China endorses blockchain

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Bitcoin jumped on Monday, bringing its rally since Thursday to 26 per cent, after China’s government threw its backing behind the digital coin’s underlying ledger technology.

The most-traded cryptocurrency briefly exceeded $10,000 over the weekend, a level it hadn’t touched in more than a month, and surged on Monday to US$9,934 before trimming its gain. The wider Bloomberg Galaxy Crypto Index, which tracks the largest digital currencies, advanced to a five-week high on Monday.

The latest leg of the rally cropped up after China’s President Xi Jinping said Beijing will increase investment in blockchain technology. An official with China’s central bank also said blockchain technology can help with commercial banks’ risk control and ease borrowing difficulties for smaller businesses.

Investors snapped up blockchain-related stocks on Monday, with more than 60 tech shares surging by the daily limit in Shanghai and Shenzhen. Even equities with more tenuous connections to blockchain, such as baby-food producer Beingmate Co. and selfie-app developer Meitu Inc., got a boost from the news. Hong Kong’s BC Technology Group Ltd., which operates a crypto exchange, jumped the most since May.

Bitcoin traded at US$9,424 as of 9:59 a.m. London time, up 9.9 per cent from Friday’s close, according to Bloomberg consolidated pricing.

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