The CEO of HashKey has sparked speculation about a possible lift of China’s cryptocurrency ban, in light of the growing global interest in digital assets following Donald Trump’s victory in the U.S. election.
The executive of Hong Kong-based crypto exchange HashKey has stirred market discussions about a potential easing of China’s crypto ban following Trump’s electoral win. Chairman and CEO Xiao Feng expressed his belief that the Republican victory could revive China’s digital asset market. Feng’s comments have drawn attention to the Asian market, especially considering the impact of Trump’s return on the global crypto sector.
Is China’s Crypto Ban Likely to Be Lifted After Trump’s Victory?
Trump’s recent win in the U.S. has generated significant pro-crypto interest. The global crypto market has also experienced strong growth, which is raising optimism among investors worldwide. In this context, Hong Kong’s HashKey exchange has expressed immense optimism about a possible shift in China’s stance on cryptocurrency.
Xiao Feng recently stated: “If the U.S. Congress and the president clarify their support for cryptocurrencies, it could motivate China to adopt similar policies.” Since China banned cryptocurrency and mining in 2021, Feng’s comments have attracted substantial attention in the market.
Feng estimates it may take up to two years before China loosens its restrictions on digital assets. Market interest has also focused on China’s recent economic stimulus, which could support a rally for Bitcoin and altcoins. China has announced a significant increase in government bonds, along with subsidies for low-income citizens and support for the real estate market. This development has drawn significant attention to the Asian market, as it could impact the broader financial and crypto sectors.
Crypto Market Remains Bullish Following U.S. Elections
Meanwhile, the broader crypto market has seen several bullish events following the U.S. elections. Bitcoin (BTC) reached a new all-time high of $93,000, with altcoins following this upward trend.
Other reports indicate that the global cryptocurrency market cap has exceeded $3 trillion, attributed to the “Trump effect,” as institutional interest in digital assets grows amid the bull market. These positive market events could lead China to reconsider its cryptocurrency ban, as suggested by HashKey’s Chairman and CEO, Xiao Feng.
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