Chinese state-owned media are attempting to quell the rush into crypto stocks following President Xi's statement to "Seize the opportunity" afforded by blockchain.
State-backed agencies are publishing material meant to encourage "Rational" investments, amid this surge in speculation in blockchain and fintech firms, Reuters reported Tuesday.
On Monday, over 100 public fintech companies - tied or tangentially related to blockchain - soared in price at market opening as sentiment around the sector turned bullish, but perhaps too much so.
"Blockchain's future is here but we must remain rational," wrote the state-backed People's Daily newspaper late Monday night.
"The rise of blockchain technology was accompanied by that of cryptocurrencies, but innovation in blockchain technology does not mean we should speculate in virtual currencies."
Reuters also reported that the independent Shanghai Stock Exchange warned traders, "For any blockchain-related, we ask listed companies to make statements based on facts and not make any exaggerated claims or create vicious hype."
While there has been much hype, the enthusiasm followed by news of 500-plus specific enterprise blockchain projects already in motion in China and registered over the past year.
Crypto-frenzy spurred by Xi wass not limited to China.
This morning, the Antigua and Barbuda-based derivatives exchange FTX announced an index fund comprised of eight China-related cryptocurrencies.
Chinese State-Owned Media Try to Dampen Market's Crypto Enthusiasm
gepubliceerd op Oct 29, 2019
by Coindesk | gepubliceerd op Coinage
Coinage
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.