After “banning“ Crypto at $60k in 2021, China is now seemingly easing their ban. This could open the door for A LOT of money influx for Crypto.
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We all have seen the news of Hong Kong unbanning Crypto and making Crypto trading fully legal now, which is indirectly also a decision by China or maybe even their first phase of making Crypto trading even legal on Mainland China. Why is this so good you ask? Well before China banned Crypto again and again, a lot of money form China was flowing into Crypto. One example may be the BTC-CNY (Chinese Yuan) trading pair, which during the 2017 bull market was very very popular and many made a ton profits on so-called “arbitraging“ CNY with the USD pair, meaning to buy and sell BTC from CNY pair to USD pair to make exploit possible volatility between CNY-USD. Now with Hong Kong back we can be damn sure that there will be BTC-CNY based stablecoins too soon, directly from HK. Even if Hong Kong and China are two different entities, their connection to each other has grown so big in the past years and months that Chinese retail money or even legislation will inevitably take part in this too. Picture of CZ at his fist company OKCoin in China Not to forget that many Crypto exchanges have their roots in China or Hong Kong, as Bitmex or even FTX. Even CZ himself was from the chinese OKCoin originally and left to build Binance. The connection of Crypto and China has always been huge, whether we like it or not. Now will see from June 1st onward, how this plays out… submitted by /u/partymsl |
