1. PixelPlaygroundHome
  2. Blockchain Briefs

Blockchain and Digital Currency Sectors Close Strong in China’s A-share Market

• Blockchain Briefs • 133 views

According to the news, the A-share closed with the Shanghai Composite Index at 3280.49, down 0.39%, the Shenzhen Composite Index at 12064.38, down 0.25%, and t…

Blockchain and Digital Currency Sectors Close Strong in China’s A-share Market

According to the news, the A-share closed with the Shanghai Composite Index at 3280.49, down 0.39%, the Shenzhen Composite Index at 12064.38, down 0.25%, and the Shenzhen Blockchain 50 Index at 3204.28, up 1.32%. The blockchain sector ended up 2.03% and the digital currency sector ended up 2.72%.

A-share closing: Shenzhen Blockchain 50 Index rose 1.32%

Interpretation of the news:


China’s A-share market witnessed a mixed day of trading on September 4th, with the Shanghai Composite Index down 0.39% to close at 3280.49, and the Shenzhen Composite Index down 0.25% to close at 12064.38. However, the blockchain sector performed well with the Shenzhen Blockchain 50 Index going up 1.32%, while the digital currency sector closed up 2.72%.

The performance of these two sectors was boosted by recent favorable government policies in China. For instance, the recent endorsement by the Chinese authorities of blockchain technology has benefited the blockchain sector. China’s president, Xi Jinping, publicly announced in 2019 that China would support the development of blockchain technology.

According to some market experts, this move by the Chinese authorities has caused a surge in investment in the sector. Several blockchain projects in the country have seen increased financing and have witnessed growing investor confidence. The rise of blockchain-related companies’ stock prices in China is also an indicator of growing investor confidence in the sector.

In addition to the blockchain sector, the digital currency sector has also been performing well. The digital currency sector in China is benefitting from the ongoing global interest in cryptocurrencies, with Bitcoin and other cryptocurrencies experiencing a bull run.

The Chinese government is also supportive of digital currencies, and in April 2020, it was reported that China’s central bank was developing its digital currency. Although progress has been slow in China, it is believed that with the government’s support, the country could become a leader in the digital currency world.

In conclusion, the performance of the blockchain and digital currency sectors in China’s A-share market indicates that these sectors are growing in relevance and importance. With the support of the government, the sectors are poised for sustained growth in the coming years. Hence, investors should keep a watchful eye on the blockchain and digital currency sectors in the Chinese A-share market.

This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/569/

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 02/15/2023 06:57
Next 02/15/2023 07:06

Recommended articles