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Max Williams, chief operating officer at Runa Digital Assets, noted the upgrade will allow developers to focus on improving users' experience.

ALSO: Asia-Based Traders Push Bitcoin Past $30K

ALSO: Ether falls but still outperforms bitcoin for another day as investors look with hope at the Shanghai upgrade.

Beijing allowing bitcoin's price to be displayed on one of the country's largest social network platforms shows a growing acceptance of the asset class within the country.

The tweet spurred speculation that the notable venture capital firm could launch its own Optimism-based layer 2 blockchain. A16z crypto’s CTO tweeted: “not an L2.”

The DAOs native token, VITA, rose 3% on news the community was considering the proposal.

Local stakeholders call the move a “marketing gimmick” while others say it's the most efficient way to distribute economic stimulus.

The price increase addresses the question of whether ether would rise or fall following the completion of the hard fork.

Around 100,000 users have participated in the country's central bank digital currency pilot since it kicked off in December.

Bitcoin continues to move in lockstep with the Nasdaq to S&P 500 ratio. The positive correlation suggests the cryptocurrency is still a risky asset.