VeChain jumps 11% after appearance in Chinese state media

0

Last Updated on 31 July 2020 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
View all posts

The small altcoin VeChain jumps 11% in the last 24 hours after a Chinese state body takes over an article from a major Chinese newspaper discussing the technology. The Chinese Office of the Central Cyberspace Affairs Commission reports directly to President Xi Jinping and is very influential. Meanwhile, VeChain is close to his all-time high.

Advertentie.

Back to all-time high?

According to the listing on CoinmarketCap, the VeChain price has risen more than 11% in the last 24 hours, climbing to $0,017586, not too far from its all-time high on July 8 this year. Analysts wonder whether the positive trend for the entire crypto world in recent weeks will also lift VeChain further.

In terms of market capitalization, VeChain is now close to $1 billion and seems to secure its place in the top 20 largest crypto coins on CoinMarketCap’s top 100 list.

Guangming Daily

Earlier this month, on July 9th to be precise, an article circulated from the Guangming Daily newspaper explaining how blockchain technology can be used to see if a building is COVID-19 free.

The article included DNV GL’s health codes used to show visitors or customers that the facility has taken appropriate measures to ensure the safety of the staff working there and all visitors.

Relevant certifications and third-party data are linked to the VeChain blockchain, allowing users to check with their mobile devices whether the building is secure.

Since Guangming Daily is a newspaper issued by the Chinese government, the article has been taken over by the state body Central Cyberspace Administration of China, which is responsible for regulating the Internet in the country.

Internet in China is just a “little bit” more regulated than in the rest of the world.

In any case, this state body, also known as the Office of the Central Cyberspace Affairs Commission (CCAC) responds only to Chinese President Xi Jinping, and so it is quite possible that government leaders in China will soon receive a recommendation that includes VeChain.

The article contains several references to VeChain as well as some quotes from VeChain CEO Sunny Lu.

The latter recently claimed that his currency would become larger than Ethereum. Who knows, he might be right someday.