Speech by Xi Jinping triggered an increase in the cost of “Chinese” cryptocurrencies

Following a recent speech by the Chairman of the People’s Republic of China, Xi Jinping, interest in blockchain and cryptocurrencies in the country has grown sharply.

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

On Friday, the number of such queries in the Baidu search engine amounted to 72,049, which is 1,382% more than the day before. In the WeChat messenger, 3 331 874 mentions of the blockchain were recorded – an increase of 329%. In addition, on Saturday, these values ​​increased by about 170%.

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

Recall that Jinping expressed support for blockchain technology and called for the development of this area in order to take a leading position. This statement, apparently, signals that the country will gradually go deeper into this area.

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

Bitcoin was the first jerk, however, projects with Chinese roots got into the lead yesterday. Thus, NEO, which is often called the “Chinese Ethereum”, grew by more than 30% and reached a multi-month high in trading volume – above $ 1 billion.

Coins such as TRON (+ 17%), Ontology (+ 39%), Bytom (+ 79%), HyperCash (+ 18%), Nebulas (+ 33%) and Qtum (+ 26%), which also directly or indirectly associated with Chinese developers.

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