Bitcoin’s whiplash-inducing volatility continued this week when the cryptocurrency surged to new two-year highs on Monday before plunging 10 percent the following day. One of the major drivers of Bitcoin’s recent rise has been demand from China.

A group of Chinese companies, including Internet search giant Baidu Inc (ADR) BIDU 2.93%, has raised $60 million in funding for Circle Inc, a U.S. startup based on Bitcoin’s underlying technology.

Circle is a blockchain-based digital payment app. Blockchain technology is the public ledger of all Bitcoin transactions and is often viewed as the major underlying innovation of Bitcoin.

“If you look at the trends, China very well could be the driver of the adoption of blockchain consumer services,” Circle CEO Jeremy Allaire said.

One potential hurdle Circle and other blockchain-based startups may soon have to clear is potential patent disputes. Australian Craig Wright, who claims to be Bitcoin founder “Satoshi Nakamoto” has now filed…

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