Asian traders benefit from Trump’s victory and China’s 2025 CBDC deadline: Asia Express

Asian crypto traders were buzzing with excitement as Bitcoin soared to new heights following Donald Trump’s victory in the 2024 US presidential election. The late-night surge caught many traders off-guard, but they were quick to seize the opportunity and cash in on the gains. Market analyst Justin d’Anethan from Hong Kong shed some light on the situation, mentioning the ‘buy the rumor, sell the news’ strategy that many traders were employing.

Over in Singapore, the mood was optimistic as well, with the crypto sector eyeing potential shifts in regulatory dynamics under a new US administration. Vince Yang, CEO of zkLink, a Singapore-based blockchain infrastructure firm, expressed hope for a more crypto-friendly stance from the US, which could drive innovation and confidence in the global crypto landscape, including Asia.

However, along with the celebratory atmosphere, some Asian investors are approaching cautiously due to Trump’s historical stance on tariffs. His ‘America First’ ethos, with proposed tariffs on imports, especially from China, has added a layer of uncertainty to the economic landscape in the region. Despite this, many see the potential benefits of a US policy shift as a boon for digital assets and the crypto market as a whole.

On the other side of the globe, China has ramped up its efforts to promote its central bank digital currency (CBDC), known as the digital yuan. In Shanghai, a meeting was held to map out a plan for establishing a comprehensive digital yuan ecosystem by the end of 2025. The progress on the digital yuan front follows China’s commitment to making it the sole legal digital currency in the country, signaling a crackdown on other cryptocurrencies for payment purposes.

As China intensifies its focus on CBDC development, other central banks in Asia, including India, are exploring their own digital currency initiatives. In South Korea, financial authorities are mulling over the possibility of allowing corporations to open cryptocurrency accounts, a move that could have significant implications for the local crypto market.

Overall, the Asian crypto landscape is evolving rapidly, with traders and investors eagerly anticipating the potential shifts in regulations, policies, and market dynamics that may come with new developments both domestically and internationally.