Bitcoin (BTC) is once again in the green after Chinese President Xi Jinping announced plans to put China at the forefront of the blockchain revolution.

During a meeting with the Politburo Committee yesterday, President Xi highlighted the potential for blockchain to bolster the Chinese economy, while remarking on plans to spearhead the development of blockchain technologies.

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After starting off today relatively flat, since news of the announcement broke, Bitcoin has seen a sudden surge upwards. Its price has climbed from just over $7,500 up to its current value of $7,652—a gain of around 2%—and appears to be still rising.

The news has also sent the rest of the market into a minor recovery. As it stands, practically every major cryptocurrency is seeing gains of between 1 to 5% in the last day, while Bitcoin SV has shot up by over 15%.

The move comes just two days after Bitcoin experienced a dramatic sell-off, falling from over $8,000 to just $7,500 over a period of three hours. Despite this recent mini-rally, Bitcoin is still performing poorly as of late, having lost 4% this week and more than 20% in the last month.

But, as a result of the increased volatility, trading volumes are starting to rise again. Bakkt—which saw a huge surge in trading volume two days ago—has so far today seen 286 bitcoins traded on the exchange, worth $2.2 million.

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