Chinese Investors Net $1.15B in Crypto Gains, Defying Bans
March 18, 2024Chinese cryptocurrency investors rank as the fourth-highest earners globally in 2023, with gains of $1.15 billion.
Binance facilitated cryptocurrency trading in China despite government bans.
Bitcoin's recent price surge has particularly attracted investors in China, with Hong Kong investors profiting $250 million in 2023.
Global cryptocurrency gains reached $37.6 billion in 2023, a decrease from previous years' earnings of $159.7 billion in 2021 and $127.1 billion in 2022.
Despite booming crypto investment, Beijing warns of Bitcoin risks but also plans to establish Hong Kong as a cryptocurrency trading hub with new licenses.
The global cryptocurrency market saw fluctuations in 2023, with a dip in August and September and a recovery in November and December.
Bitcoin's current trading price stands at $67,590, showing a slight decline in the short term.
Summary based on 2 sources
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Sources
Tom's Hardware • Mar 18, 2024
Despite Ban, China-based cryptocurrency investors made $1B in gains during 2023Bitcoinist.com • Mar 18, 2024
Resilient Chinese Crypto Investors Beat Restrictions, Pocket Over $1 Billion in Profits