China Takes Clear Stance Against Cryptocurrencies and Drives Out Miners

China's Continued Influence in Cryptocurrencies

In 2021, China took a strong stance against cryptocurrencies, leading to a significant decline in mining activity within the country. However, despite this opposition, China has not完全 isolated itself from the cryptocurrency industry.

Hong Kong's Role

Hong Kong, a special administrative region of China, has been permitted to expand its involvement in cryptocurrencies. A recent study by TechFlow revealed that the Binance exchange is the most popular choice among Chinese-speaking investors.

Chinese Cryptocurrency Usage

The survey found that:

• 96.72% of respondents use the Binance exchange.
• 63.15% store most of their crypto assets on Binance.
• 83.53% have an OKX account.
• Over 69% stated that regulatory concerns do not influence their exchange preferences.

Chinese Cryptocurrency Holdings

Chinese investors are actively trading cryptocurrencies, with over 25% engaging in full-time trading. Nearly 50% hold more than half of their savings in cryptocurrencies. The most popular assets among Chinese investors include:

• BTC
• ETH
• SOL
• BNB
• PEPE

Cultural Influences

The study also revealed a unique cultural aspect of Chinese cryptocurrency investors:

• 40.04% of respondents admitted to praying for blessings from the God of Wealth.

China's Market Significance

Despite China's crackdown on cryptocurrencies, the country remains a significant player in the industry. According to Chainalysis data, an estimated $86.4 billion worth of crypto transactions occurred in China between 2022 and June 2023, indicating that China's cryptocurrency market continues to thrive.