Hong Kong is going to officially make the purchase, sale and trading of cryptocurrencies completely legal for all its residents from June 1, 2023.
This announcement triggered a rally of Chinese coins, and the “Chinese theme” has gained momentum over the past week.
Cryptanalysts believe that this trend will continue, and holders can expect further growth of Filecoin (FIL), NEO, Conflux (CFX), VeChain (VET) and Qtum (QTUM) rates.
What is the “Chinese theme”?
Hong Kong’s recent statement on the legalization of cryptocurrency trading for its residents has fueled bullish sentiment in the crypto community. Over the past few weeks, the “Chinese theme” has gained momentum, as analysts and crypto investors have tweeted about it and shared lists of Chinese coins for traders.
Miles Ducher, a cryptanalyst and trader, shared the following list of Chinese coins. The expert believes that the Chinese narrative will continue, and token holders can expect their further growth until June 2023.
List of the most effective Chinese coins
As can be seen from the above list, Chinese coins included in the top 100 cryptocurrencies by market capitalization, Filecoin (FIL), VeChain (VET), Neo (NEO) and Conflux (CFX) brought holders 76.45%, 26.54%, 29.50% and 310.15% of profit, respectively.
In addition to the cryptoplanes of Hong Kong, the experts of the cryptocurrency Twitter also noticed that the large-scale injections of liquidity by the People’s Bank of China coincide with the growth of the capitalization of the cryptocurrency market.
One of the analysts of the crypto twitter claimed that the narrative of easing in China is real, and the central bank increased the volume of liquidity injections in February 2023.