Mubasher: Bitcoin on Monday clung close to one-month peak recorded over the weekend after China’s President Xi Jinping said that Beijing should ramp up the development of blockchain technology, according to Reuters.

The digital currency climbed by 24% between Friday and Saturday, hitting $10,350 in its biggest two-day leap since the peak of its retail-led bubble in December.

In early London trading, bitcoin decline by 1.6% at $9,403.

This came after President Xi said that blockchain, the underlying technology for many digital assets including the bitcoin, should be at the heart of innovation in China.

Other key cryptos, such as ethereum and Ripple, also rallied.

Although cryptocurrency exchanges are prohibited in China, trading is popular on over-the-counter venues, and with buyers in China representing major volumes on platforms elsewhere, Reuters said, citing market participants.