The comments by the CEO and chairman of HashKey sparked speculation that China could lift its ban on cryptocurrencies as global interest in digital assets surged following Donald Trump’s victory in the US election.
The CEO of Hong Kong-based cryptocurrency exchange HashKey has sparked significant market discussion on China’s lifting of its cryptocurrency ban following Donald Trump’s recent victory in the US election. Xiao Feng, chairman and CEO of the exchange, said he believes the Republican victory could revitalize China’s digital asset industry in the near future. Notably, the former president’s reelection has already brought a wave of growth to the industry as a whole. In light of Xiao Feng’s remarks, this phenomenon, in turn, has drawn attention to the Asian market.
Could China's Crypto Ban Be Reversed After Donald Trump's Election?
Republican Donald Trump’s recent victory in the US election has sparked strong support for cryptocurrencies across the country. In addition, the broader market has also seen considerable growth, sparking optimism among investors around the world. In light of this positive news, a report from the South China Morning Post shows that the head of HashKey, a leading cryptocurrency exchange in Hong Kong, has expressed great optimism that China may lift its cryptocurrency ban.
Xiao Feng recently said, "If the U.S. Congress and the President clarify encryption policies and continue to legislate to promote industry development, it will definitely become a driving force for China to accept cryptocurrencies." After China issued a cryptocurrency ban and banned mining and trading activities in 2021, this statement attracted great attention from market participants.
With Feng further predicting that it will be two years before China loosens its grip on digital assets, market observers expect future growth for the industry. Interestingly, a recent report from CoinGape Media has further fueled speculation about a rebound in the Bitcoin and altcoin markets as China ramps up its economic stimulus efforts. China has announced that it will significantly increase the issuance of government bonds to provide subsidies to low-income people and support the real estate market. Overall, these events have drawn significant attention to the Asian landscape, as these developments could significantly reshape the broader financial and cryptocurrency industries, as well as China's cryptocurrency ban policy being eased.
Markets remain bullish after US election
Meanwhile, there have been a lot of positive events in the cryptocurrency market following the US election. Bitcoin (BTC) has surged to a new high of $93,000. In addition, altcoins have also embarked on a bull run with astonishing gains.
Meanwhile, another report from CoinGape shows that the global cryptocurrency market capitalization recently surpassed the $3 trillion mark. This bullish momentum is mainly attributed to the Trump effect, as institutional FOMO on digital assets has risen during the bull market. Notably, these bullish events combined could prompt China to revoke its cryptocurrency ban, a point also highlighted by Mr. Feng, Chairman and CEO of HashKey.
