Bitcoin on Fire as China’s Xi Hails Potential of Blockchain By

© Reuters. – awoke from its slumber, with a double-digit pop Friday after China Presdient Xi Jingping extolled the benefits of blockchain, the software that powers the popular crypto currency.

  • Xi hinted at plans to ramp up the development blockchain and highlighted the potential of technology to boost China’s economy. That raised hopes that crypto activity would ramp up in China after the country cracked down on crypto exchanges and miners two years ago.
  • Bitcoin was also supported by signs of increased demand as Bakkt, the ICE-backed futures exchange, reported record bitcoin trading volume record.
  • Bitcoin surged 13% above $8,400 after trading as low as $7,400 on the day. Other cryptos were also higher, with up 10%, up nearly 8% and up 12%.
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