Hong Kong-based crypto exchange HashKey’s head executive sparked significant market discussions surrounding China’s crypto ban upliftment following Donald Trump’s recent win in the U.S. elections. Xiao Feng, the exchange’s chairman and CEO, expressed beliefs that the Republican’s win is likely to revitalize China’s digital asset sector shortly ahead. Notably, the former president’s reelection already generated a tidal wave of growth for the broader sector. This phenomenon has in turn garnered attention toward the Asian market in light of Feng’s comments.
China Crypto Ban Reversal Post-Donald Trump’s Victory Possible?
Republican Donald Trump’s recent win in the U.S. elections has sparked a significant pro-crypto buzz across the American landscape. Further, the broader market also sees considerable growth, sparking investor optimism globally. In light of this bullish event, a SCMP report showed that Hong Kong’s leading crypto exchange HashKey’s head conveyed immense optimism over a potential lift of China’s crypto ban.
Xiao Feng recently stated, “If the U.S. Congress and the president make crypto policies clear, constantly legislate and promote the industry, it would certainly be a driving force for China to accept cryptocurrencies.” In the wake of China’s crypto ban and prohibition of mining and trading activities since 2021, this statement garnered significant attention among market participants.
Given that Feng further anticipates two years before the country sees a loosened grip on digital assets, market watchers eye a boost for the sector ahead. Intriguingly, a recent CoinGape Media report further sparked speculations of a Bitcoin and Altcoin market rally as China boosted economic stimulus. The nation announced that it would increase its government debt issuance substantially, thereby offering subsidies to people with low income while supporting the property market. Overall, these chronicles have garnered significant attention toward the Asian landscape as the developments could significantly reshape the broader financial and crypto sector while the country’s policies on crypto ban also ease.
Market Remains Bullish Post-US Elections
Meanwhile, the broader crypto market saw a stockpile of bullish events unfolding following the U.S. elections. Bitcoin (BTC) soared to hit a new ATH at the $93K level. Moreover, altcoins followed a bullish path, gaining remarkably.
Simultaneously, another report by CoinGape revealed that the global crypto market cap topped the $3 trillion level recently. This bullish dynamic is primarily attributable to the Trump effect as institutional FOMO for digital assets rises amid a bull market. Notably, these bullish events altogether could urge China crypto ban reversal, as also stressed by HashKey chairman and CEO Feng.
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