China warns against cryptocurrency speculation

China warns against cryptocurrency speculation

China has recently warned against speculation on cryptocurrencies through remarks in a Chinese newspaper issued under the direct control of the ruling Communist Party of China.

The remarks in the newspaper were quite confusing because China recently went to clear support for blockchain technology and digital currencies, where the newspaper was quoted as saying in the text.

"The emergence of blockchain technology has accompanied the emergence of cryptocurrencies, but innovation in this technology does not necessarily mean that we must speculate on cryptocurrencies," the newspaper said. 

The remarks came after Chinese President Xi Jinping made a statement pledging to keep up with his country's blockchain technology and bring it into effect in January.

These statements led to a marked rise in Bitcoin prices and the recovery of the cryptocurrency market over the past few days.

The Bitcoin has risen more than 42% over the past four days, as it is currently hovering around $9,318, compared to $7,500 on Friday.

Bitcoin futures for o the CME recorded another gap indicating a possible decline in the coming period.

The cryptocurrency market has recovered during the current period, with the exception of the slight decline in the Bitcoin.

Regarding other major cryptocurrencies, Ripple and Ethereum were 1.11 percent and 1.18 percent up respectively, according to BitStamp exchange.

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