Well, it looks like the cryptocurrency craze is back again in China, bitcoin’s value has reached its highest levels since November 2021.
The chinese state media is advising caution while warning against the recent rally in cryptocurrency market.
Now, what’s also very interesting here is that China has banned crypto mining and trading since September 2021.
However, it does not stop its citizens from trading in cryptocurrency. Many chinese mainland investors are finding loopholes. Consider this for perspective.
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According to a 2023 report, chinese traders earned $86 billion from crypto transactions. Finance, the world’s largest crypto exchange, recorded $90 billion worth of crypto trading in a single month.
Just last week, bitcoin was a trending search on multiple chinese online platforms. On WeChat, the chinese multipurpose app hashtag bitcoin’s popularity saw a fourfold increase, and this is not the first time that it is happening.
Chinese state media has repeatedly warned of risks of capital flight and financial instability as the number one reason for staying away from cryptocurrency.
In 2022, when cryptocurrency prices plunged to an all time low, the chinese media called bitcoin nothing more than a string of digital codes and that it would soon head to its real value of zero.
