⚡ Brock Pierce, co-founder of Tether, the issuer of the Tether (USDT) stablecoin, is confident that the Chinese authorities will lift the ban on cryptocurrency trading and mining. According to him, in the future, legal exchanges will replace underground dealers, and Hong Kong could become China’s crypto trading hub.
⚡ However, the Securities and Futures Commission has currently prohibited local companies from offering cryptocurrency trading services to mainland Chinese residents.
⚡ Shortly after the Chinese authorities declared the sale of cryptocurrencies illegal, a bearish trend emerged in the digital assets market. For example, Bitcoin dropped by 10%, Ethereum (ETH) by 22%, and Dogecoin (DOGE) by 24%. Therefore, lifting the ban on buying and selling coins and tokens is expected to reverse the trend and trigger a bullish rally.