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China could make a big comeback in the crypto market

According to CryptoQuant, China is about to mark its big comeback in the crypto market. Significant signs seem to indicate its return according to the data collected. These indicators include, among other things, volume growth in the derivatives and cash markets. China is now one of the largest crypto markets in the world. Yet it has long experienced restrictions on crypto-related activities.

Signs show the return of cryptos to China

CryptoQuant said China could make a strong comeback to the cryptocurrency market crypto. Signs show volume growth in the derivatives markets and at the discount price. Southern Asset Management’s Chinese subsidiary, CSOP Asset Management, listed the first Ethereum and bitcoin ETFs on the Hong Kong exchange. This raised over $74 million in seed funding.

According to Tim McCourt, Global Head of FX Products at CME, ETF approval is necessary for crypto adoption in Asia. He also said that BTC and ETH have seen an exponential 20% increase in daily volumes between 2021 and 2022.

China could make a big comeback in the crypto market
China could make a big comeback in the crypto market

One of the largest crypto markets in the world

As of October 2022, China is ranked as one of the largest markets Southeast Asian crypto by transaction volume. Globally, it is in 4ᵉ position. Between June 2021 and July 2022, China overtakes Japan and South Korea with $220 billion in transactions. The Chinese state alone owns 70% of global crypto applications.

Worried about the harmful effects of crypto-related technology, the government banned certain activities from 2013. The advent of crypto companies like Huobi, Bitmain or One Foundation has pushed the government to take a closer look at this industry. In 2021, China banned financial institutions from using virtual currency. Cryptos and the activities of mining were also banned during this period.

Do recent events mark the end of these restrictions and the great return of China to the forefront?

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fita

I am passionate about cryptocurrencies, a world that I discovered barely 3 years ago. My only goal is to inform you of this incredible universe through my articles.



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