Global High-Level Endorsement for Blockchain Development
On October 26, People's Daily featured President Xi Jinping’s remarks on blockchain as its front-page headline: "Xi Jinping Chairs 18th Collective Study Session of the Political Bureau: Blockchain as a Core Breakthrough in Independent Innovation." CCTV’s prime-time news also highlighted the address. The high-level emphasis signals China’s strategic focus on blockchain, with regional implementations expected to sustain media coverage.
President Xi underscored the need to:
- Strengthen foundational research and original innovation.
- Accelerate breakthroughs in core technologies.
- Enhance international standard-setting influence.
- Integrate blockchain with AI, IoT, and big data for industrial ecosystems.
Key applications include:
- Data Sharing: Streamlining cross-departmental governance (e.g., "one-time processing" reforms).
- Economic Models: Innovating digital economies for transparent market environments.
- Urban Connectivity: Facilitating intercity flows of information, capital, and talent.
Digital Currency Market Explodes
The policy shift triggered a global rally in cryptocurrencies. By 9 AM on October 26:
- 90% of top 100 digital currencies gained over 15%.
- Bitcoin surged 40%, surpassing $10,500 (￥1.22T market cap, 10% 24-hour turnover).
- Tron (TRX) rose 15%, nearing the top 10 global crypto rankings (￥8B market cap).
Top performers:
- Bitcoin (BTC): 63.2% market dominance (￥1.2T).
- Ethereum (ETH): ￥141.2B.
- Ripple (XRP): ￥91.2B.
Will Bitcoin’s Third Halving Trigger Another Rally?
Halving Mechanics: Every 210,000 blocks (~4 years), Bitcoin’s block reward halves to curb inflation.
- 2012 Halving: Preceded an 8,000% price surge (￥12 to ￥994).
- 2016 Halving: Fueled a 3,000% rise (￥4,500 to ￥136,500).
2020 Outlook: The next halving (May 2020) will reduce rewards from 12.5 to 6.25 BTC per block. Analysts debate whether current price levels (~￥70,000/BTC) can sustain exponential growth due to higher capital requirements.
FAQ Section
Q: Why did Bitcoin spike 40% overnight?
A: Driven by China’s blockchain endorsement and halving anticipation, boosting investor confidence.
Q: How does halving affect Bitcoin’s price?
A: Reduced supply historically increases scarcity, but past performance doesn’t guarantee future results.
Q: Which cryptocurrencies benefited most?
A: Bitcoin, Ethereum, and niche assets like Tron saw significant gains.
👉 Explore the future of blockchain investments
Data sources: Market aggregators and official exchange reports. This content is for informational purposes only and not financial advice.
### Key SEO Elements:
- **Keywords**: Blockchain, Bitcoin halving, cryptocurrency surge, digital currency, Tron (TRX), Ethereum, market dominance.
- **Structure**: Hierarchical headings, bullet lists for data clarity, embedded anchor link.