Xiao Feng, CEO of Hong Kong-based crypto exchange HashKey, stated that Donald Trump’s victory in the US elections may increase the possibility of China lifting the crypto ban. According to Feng, the Republicans’ victory could open the door for China to take a new approach in the digital asset space.
Trump’s Victory Created Mobility in the Crypto Market
After Donald Trump won in the US elections, a significant rise was observed in the American crypto market. This situation created a positive atmosphere among global investors and provided a general momentum in the crypto market. HashKey’s CEO Feng stated that these developments could have a similar effect in China.
Xiao Feng stated that China’s approach to cryptocurrencies may change if the US administration provides clarity on crypto policies and increases its support for the industry. This may be a turning point for China, which banned crypto transactions in 2021, to adapt to a new international crypto order.
The Rise in the Global Crypto Market
Bitcoin after the US elections 
$90,606reached the level of $93,000. There were also significant increases in the altcoin market. According to CoinGape Media’s report, the global crypto market value exceeded $3 trillion during this period. This growth is attributed to Trump’s influence as well as increased interest from institutional investors.
The Chinese government’s increase in its economic incentive package also had a positive impact on the crypto market. The government’s increase in debt issuance and subsidies to low-income citizens created a general revival in the markets.
Can China Step Back?
This increasing activity in the Asian market has brought up the possibility of easing China’s crypto ban again. China’s review of its approach to cryptocurrencies could open up new investment opportunities in Asia. This could herald potential growth in the digital asset market.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
