Blockchain: What came about
Shares of Xunlei (NASDAQ:XNET) rocketed higher on Monday following comments by President Xi Jinping of China that were supportive of blockchain technology. The stock used to be up 30.7% at 12:15 p.m. EDT right now time.
Blockchain: So what
Gradual Friday, China’s impart-owned Xinhua Records Agency reported that Xi said China will improve investment in blockchain technology. These comments got here after he chaired a watch session final week all for constructing the blockchain industry.
Image source: Getty Pictures.
Shares of Xunlei, which describes itself as “a number one innovator in shared cloud computing and blockchain technology in China,” benefited on Monday from Xi’s comments. It derives most of its income from cloud computing products and services, other net products and services cherish streaming, and subscriptions. The corporate would now not smash out blockchain-associated income.
Blockchain: Now what
Xunlei has been riding the hype surrounding bitcoin and blockchain for years. The stock exploded higher in unhurried 2017, valid at the side of the designate of bitcoin. That rally used to be mercurial undone, with shares tumbling at the side of the digital currency. Even after Monday’s surge, the stock is down Seventy five% from that bitcoin-fueled high.
The hype looks to be support, but it absolutely’s now not going to discontinue any in a different way this time around for investors.