Donald Trump's victory in the U.S. elections might influence China's cryptocurrency ban, according to HashKey's Xiao Feng. This could lead to a new approach to digital assets in the region.
Impact of Trump's Victory on the Crypto Market
Following Trump's win in the U.S. elections, the American crypto market saw significant growth, creating a positive outlook among investors globally. Feng suggests that similar enthusiasm could spread in China, especially if the U.S. clarifies its stance on cryptocurrencies and enhances industry support.
Global Crypto Market Rises Post-Election
In the aftermath of the U.S. elections, Bitcoin soared to $93,000, and altcoins also experienced notable gains. According to Dey There, the global crypto market cap exceeded $3 trillion during this period, fueled by Trump's influence and the rising interest of institutional investors. Chinese government economic packages also positively impacted the market.
Will China Reassess Its Crypto Policy?
The increase in crypto activity across Asia has reignited discussions about the possibility of China easing its crypto ban. A revised approach to digital assets by China could create new investment opportunities across Asia, indicating potential growth in the digital asset market.
Trump's victory and the subsequent surge in the crypto market may lead to shifts in China's crypto policy, paving the way for new economic opportunities in the region.
