China has emerged as a major player in the crypto world in 2023 as it appears to be loosening its policy regarding the asset class. In this context, altcoins that are somehow connected with China began to be called Chinese Coins and saw a serious pump. But one crypto analyst warns of the dangers of giving too much credit to China in the crypto market.
Which Chinese Coins are the trend of the last days?
cryptocoin.com As you follow, the Hong Kong Securities and Futures Commission (SFC) has taken a number of expansionary steps regarding investors’ cryptocurrency transactions. In this context, it is planned to allow investors to trade cryptocurrencies on licensed exchanges that comply with protective measures and risk minimization. However, SCF has not provided a list of which cryptocurrencies and tokens will be covered by this plan.
Meanwhile, speculations that China will gradually expand QE in the opposite direction of the Federal Reserve, coupled with the slackening on crypto, have seen some sort of China-linked altcoins rise in the market. This prompted investors to further research on Chinese Coins. The largest list of Chinese Coins, determined by the fact that the team behind it or its founder has links to China, is as follows:
Filecoin (FIL), Conflux (CFX), Polkadot (DOT), VeChain (VET), Measurable Data Token (MDT), Eos (EOS), Internet Computer (ICP), Cortex (CTXC), Klaytn (KLAY), Alchemy Pay (ACH), BNB Coin (BNB), Cocos-BCX (COCOS), Ethereum (ETH), Tron (TRX), Neo (NEO), Iost (IOST), Elastos (ELA), Quantum (Qtum), Nuls (NULS) ), Gxchain (GXC), Bytom (BTM), Waltonchain (WTC), and Time New Bank (TNB).
Analyst warns of China
As the crypto world continues to expand and evolve, China’s role in the market remains a hotly debated topic. Some see the country’s involvement as a great opportunity, while others warn of the dangers of giving too much credit to China. Bitboy Crypto, one of the leading voices in the crypto community, is raising the alarm about the dangers of the Sino-crypto narrative and what it could mean for the future of the market.
The crypto phenom believes that the Winklevoss twins and Brian Armstrong’s talk of a bull run that started in China is actually a threat to US politicians. Gemini essentially says that if the US doesn’t fix its crypto regulation, it could lose its financial dominance of the world to China. But Bitboy has more confidence in America and believes the country will act together and fix its crypto regulation.
Bitboy concludes by warning against giving China too much credibility in the crypto market, as it could lead the country to change the rules in the middle of the game. Instead, he advocates a decentralized bull run where anyone can participate and no country or region has too much influence.
According to Bitboy, there is a danger that China will become too familiar with its role in crypto, as it makes the market susceptible to the negative actions of the Chinese government and the Chinese Communist Party (CCP). Bitboy warns that if China bans cryptocurrencies once again, the market could suffer a major downturn. The expert also targets the idea of China’s dominance in Bitcoin mining, calling it a scam. Bitboy explains that the Chinese government still controls all mining hardware and has shifted its miners to countries like Uzbekistan and Kazakhstan to maintain control of the hash rate.
