Asian crypto traders capitalize on Trump’s victory and China’s 2025 CBDC deadline: Asian Express

Asian crypto traders are reaping the rewards of Donald Trump’s victory in the 2024 United States presidential election. Bitcoin has surged to new all-time highs, and traders in Asia are capitalizing on this opportunity. Local analysts have observed a surge in trading activity, particularly in Hong Kong and Singapore.

According to market analyst Justin d’Anethan, “A lot of Asian traders were working overnight to catch this surge and are taking profit in a ‘buy the rumor sell the news’ dynamic.” This surge in trading activity has led to increased optimism in places like Singapore, which is competing with Hong Kong to attract digital asset firms.

Despite the gains in the crypto market following Trump’s victory, there is also a note of caution. Trump’s historical stance on tariffs adds uncertainty to the economic landscape in Asia, where a significant portion of Bitcoin trading occurs. The imposition of tariffs on imports, especially from China, could impact the region’s economic growth.

In parallel, China is intensifying its efforts to launch its central bank digital currency (CBDC). Shanghai recently held a meeting to deploy pilot applications for the digital yuan, with the goal of establishing a comprehensive ecosystem by the end of 2025. This move follows a renewed commitment from Chinese officials to make the digital yuan the country’s sole legal digital currency.

Meanwhile, South Korea is exploring the possibility of allowing corporations to open cryptocurrency accounts. The country’s financial authorities are considering issuing real-name accounts for corporations, a move that could open up new opportunities for institutional investors in the crypto market.

As the global crypto landscape continues to evolve, developments in Asia are closely watched for their potential impact on the industry. The role of governments and regulators in shaping policies around cryptocurrencies and digital assets will be crucial in determining how the market evolves in the coming years.