After Donald Trump's victory in the US election, global interest in digital assets soared, and comments by HashKey's CEO and Chairman sparked speculation that China may lift the cryptocurrency ban.
After Donald Trump's recent victory in the US election, the CEO of the Hong Kong-based cryptocurrency exchange HashKey sparked major market discussions about China lifting the cryptocurrency ban. HashKey's Chairman and CEO Xiao Feng stated that he believes the Republican victory could revive China's digital asset industry in the near future. Notably, the former president's re-election has already brought a wave of growth to the entire industry. Given Xiao's remarks, this phenomenon has in turn sparked attention to the Asian market.
After Donald Trump's Victory, Will China's Cryptocurrency Ban Be Reversed?
Republican Donald Trump's recent victory in the US election has sparked strong support for cryptocurrencies across the country. Additionally, the broader market has also seen significant growth, fueling optimism among global investors. Given this positive news, a report by the South China Morning Post shows that the head of Hong Kong's leading cryptocurrency exchange HashKey is highly optimistic about China potentially lifting the cryptocurrency ban.
Xiao Feng recently stated, "If the US Congress and the President clearly define the crypto policy and continuously legislate to promote the industry, it will become a driving force for China to accept cryptocurrencies." This statement has garnered significant attention from market participants, given that China issued a cryptocurrency ban, prohibiting mining and trading activities in 2021.
Given that Xiao further predicts China will relax control over digital assets in two years, market observers expect the industry to see growth in the future. Interestingly, a recent report by CoinGape Media has further fueled speculation about a rebound in the Bitcoin and Altcoin markets, as China has ramped up economic stimulus. China has announced a significant increase in government bond issuance, providing subsidies for low-income groups while also supporting the real estate market. Overall, these events have sparked great attention to the Asian landscape, as these developments could significantly reshape the broader financial and cryptocurrency industry, with China's cryptocurrency ban policy also set to be relaxed.
The Market Remains Bullish After the US Election
Meanwhile, the cryptocurrency market has seen a host of positive events following the US election. Bitcoin (BTC) has surged to a new high of $93,000. Additionally, Altcoins have also embarked on a bullish trend, with impressive gains.
Furthermore, another report by CoinGape shows that the global cryptocurrency market capitalization has recently breached the $3 trillion mark. This bullish momentum is primarily attributed to the Trump effect, as institutional FOMO for digital assets has risen in the bull market. Notably, these bullish events combined may prompt China to revoke the cryptocurrency ban, as emphasized by Mr. Feng, the Chairman and CEO of HashKey.
