China state paper urges calm after blockchain stocks, bitcoin soar

SHANGHAI: Chinese state media urged investors to remain rational and not take Beijing's support for blockchain as a boost for virtual currencies, after comments by Chinese President Xi Jinping drove up shares in blockchain-related firms and the price of bitcoin.

Xi said last week that China should accelerate the development of blockchain technology, a digital ledger that forms the backbone of many cryptocurrencies such as bitcoin. His remarks sparked a rush into the shares of firms engaged in, or believed to be engaged in blockchain or digital currency-related businesses.