CryptoQuant analysts see signs of China’s return to the crypto market
Crypto transactions have been completely banned in the country since 2021
11.01.2023 - 10:10
372
3 min
0
What’s new? Experts at CryptoQuant, a blockchain analytics company, have admitted that China is moving toward a return to the cryptocurrency market. In their opinion, this is indicated by the fact that China’s first bitcoin futures ETF (exchange-traded fund) raised $79 million during the first trading. The second indication, analysts said, was the growing volume of trading on both the spot market and the derivatives market on the OKX crypto exchange. Meanwhile, domestic exchanges have been banned in the country since 2017, and since September 2021 any cryptocurrency transactions are considered completely illegal.
3/3 There are signs of China coming back to the crypto market.- The first Bitcoin Futures ETF in China raised $79M in trading debut.- Growing volumes in both spot and derivatives markets in @okxLive Dashboard 👇https://t.co/8grPPTBVjp pic.twitter.com/IdPBm9NrYY — CryptoQuant.com (@cryptoquant_com) January 10, 2023
Situation with cryptocurrencies in China. In April 2022, local financial associations proposed a series of restrictions for NFTs because of threats of illegal financial activity. In June, the messenger WeChat began blocking accounts associated with NFTs and cryptocurrencies.
Amid the Chinese authorities’ total hostility toward cryptocurrencies, Hong Kong announced plans to ease its approach to regulating this sphere. In December, the Hong Kong authorities passed an amendment that would put cryptocurrencies on an equal footing with traditional financial institutions in terms of their licensing regime.
In January, Hong Kong Financial Secretary Paul Chan said that China’s special administrative region aims to become a regional crypto hub and would work to attract new projects from around the world.
For a look at how China’s comeback to the crypto market will affect digital assets, read an essay by former BitMEX CEO Arthur Hayes.
Useful material?
Telegram 
Twitter Technologies
Network fees will be integrated into the cost of swaps
Nov 22, 2024
Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Cryptocurrency rates
-
Bitcoin
$98 845
BTC
+0.39%
-
Ethereum
$3 316.73
ETH
-1.34%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.46
XRP
+20.1%
-
Dogecoin
$0.409856
DOGE
+6.19%
-
Cardano
$1
ADA
+22.83%
-
Stellar XLM
$0.33984
XLM
+32.76%
-
Bitcoin Cash
$486.87
BCH
+0.07%
-
Polkadot
$6.59
DOT
+11.19%
-
Litecoin
$91.16
LTC
+2.35%