Before 2021, China was termed to be one of the most preferred locations by cryptocurrency miners, but in 2021, the nation imposed an entire ban on crypto-related activities.
Even after restrictions, around 80 million Chinese hold digital assets as of Q1, 2024. In the past few quarters, China has revealed several scams and frauds related to cryptocurrencies.
The current government and its authorities are claimed to be antagonists of crypto assets. In a recent speech during an economic forum at Tsinghua University, Zhu Guangyao, the former finance minister, said that the nation should pay more attention to cryptocurrencies.
He further notes, as reported by Sina News, “It does have negative effects, and we must fully recognize its risks and harm to the capital market, but we must study the latest international changes and policy adjustments because it is a crucial aspect to the development of the digital economy.”
The speech by the finance minister sparked discussion in China’s finance market. However, people are aware that the minister’s speech might fuel the demand for crypto in the region.
Making cryptocurrency part of political discussion has driven the surge in the popularity of digital assets globally. The number of crypto users worldwide is expected to exceed 800 million by the end of 2025.
Crypto Market Price Updates
As of writing, cryptocurrency market capitalization was at $2.26 trillion with an intraday decline of 1.76%; at the same time, the fear and greed index powered by CoinMarketCap was at 56, determining neutrality in the market sentiments.
Bitcoin lost 2.26% of its trading price, reaching below the mark of $64k; until publishing, it was trading at 63,871. Despite a decline in trading price, its trading volume grew over 100%, reaching $28,293,047,914.
The BTC spot ETF market mirrored a major inflow of $402 million in the past 24 hours; the inflow list is led by ARKB, followed by FBTC, IBIT, and GBTC.
