<p>The People’s Daily newspaper, published by China’s ruling Communist Party, has urged investors to keep calm as blockchain-related stocks jumped after Chinese President Xi Jinping publicly supported the technology last week.</p> <p>“Blockchain’s future is here but we must remain rational,” said the newspaper in a commentary late on Monday, as <a href="https://uk.reuters.com/article/us-china-blockchain/china-state-paper-urges-calm-after-blockchain-stocks-bitcoin-soar-idUKKBN1X80MP?rpc=401&amp;">reported</a> by Reuters. The People’s Daily added that Xi’s support for blockchain technology does not equate support for cryptocurrencies.</p> <p>“The rise of blockchain technology was accompanied by that of cryptocurrencies, but innovation in blockchain technology does not mean we should speculate in virtual currencies,” said the newspaper.</p> <p>The commentary <a href="https://www.bloomberg.com/news/articles/2019-10-29/china-s-state-media-warns-on-blockchain-frenzy-that-xi-started">sent</a> the Shenzhen Stock Exchange Information Technology Index down 2.8%, the biggest drop in a month, according to a Bloomberg report. Yesterday, over 60 blockchain-related stocks <a href="https://www.theblockcrypto.com/linked/44906/blockchain-related-stocks-jump-on-china-presidents-endorsement">surged</a> by 10%, the daily limit, after the president <a href="https://www.theblockcrypto.com/post/44646/xi-jinping-says-to-let-china-take-the-leading-position-in-blockchain">said</a> China should take a leading position in blockchain development.<br /> <br /> <img class="aligncenter size-full wp-image-45006" src="https://www.tbstat.com/wp/uploads/2019/10/bbg.png" alt="" width="1200" height="675" /></p>