Xiao Feng, CEO of Hong Kong-based crypto exchange HashKey, indicated that Donald Trump winning the U.S. elections could increase the likelihood of China lifting its crypto ban. According to Feng, a Republican victory may open the door for China to adopt a new approach in the digital asset space.
Trump’s Victory Sparks Activity in Crypto Markets
Following Donald Trump’s victory in the U.S. elections, a significant rise was observed in the American crypto market. This development created a positive atmosphere among global investors and generated overall momentum within the crypto market. Feng noted that similar effects could potentially unfold in China.
Xiao Feng mentioned that if the U.S. administration provides clarity on crypto policies and increases support for the sector, China’s stance towards cryptocurrencies could change. The situation could represent a turning point for China, which banned crypto transactions in 2021, to align itself with a new international crypto framework.
Global Crypto Market Surge
After the U.S. elections, Bitcoin 
$89,164 reached the $93,000 mark, while significant increases were also observed in the altcoin market. According to a report by CoinGape Media, during this period, the global crypto market value exceeded $3 trillion. This growth is attributed to Trump’s influence as well as the rising interest from institutional investors.
The Chinese government’s decision to increase its economic stimulus package positively impacted the crypto market. The government’s actions to boost debt issuance and provide subsidies to low-income citizens created a revival in the markets.
Could China Reconsider Its Stance?
The growing activity in the Asian market has brought the possibility of China easing its crypto ban back into focus. A reassessment of China’s approach towards cryptocurrencies could lead to new investment opportunities in Asia and signal potential growth in the digital asset market.
