Conflux rises 17% amid reports of China's blockchain push

Conflux (CFX) experienced a significant market rally, with its token price rising 17% to a five-month high of $0.064. This price movement was accompanied by a massive surge in trading activity, as daily volume increased by 1,071% to $157 million.

The rally follows reports that the Chinese Communist Party and the State Council have called for the development of a national blockchain network. This proposal includes an integrated computing power network designed to link blockchain infrastructure with China's digital development plans.

Conflux identifies itself as the only regulatory-compliant, permissionless public blockchain in China. While the official proposal does not explicitly confirm a role for Conflux, the announcement has driven intense market interest. Derivatives volume rose by 2,007% to $449 million, and open interest increased by 44% to $44 million, indicating high levels of leveraged trading and spot accumulation.