China's blockchain fever gets hotter even as regulator queries price surge.
SHANGHAI (Reuters) - China’s blockchain-related companies extended their bullish run on Friday, as punters brushed aside concerns raised by regulators about the rationality of stock price surges this week.
Blockchain mania continued to propel the shares of a dozen companies which recently disclosed their involvement in cryptocurrency technology, even though some admitted their investments in the technology were still at an early stage.
A growing number of Chinese firms - ranging from packaging firms to gaming companies - have publicly linked their businesses with blockchain to capitalize on rapidly growing investor interest globally for the technology, the backbone of bitcoin and other digital currencies.
Chinese regulators are taking unprecedented steps to contain financial risks - Beijing has banned initial coin offerings, shut down local cryptocurrency trading exchanges and limited bitcoin mining - but speculators are not deterred.
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