Profitable for Asian Crypto Traders following Trump’s Victory and China’s 2025 CBDC Deadline: Asia Express

Asian crypto traders were up late cashing in on Bitcoin’s surge to new highs after Donald Trump won the 2024 US Presidential election, according to reports from Magazine.

“This ‘buy the rumor, sell the news’ phenomenon is in full swing, especially after the settlement of Polymarket bets,” stated market analyst Justin d’Anethan based in Hong Kong.

Singapore also felt a surge of optimism within its crypto sector following Trump’s victory. Vince Yang, CEO of zkLink, a blockchain infrastructure firm in Singapore, mentioned the excitement about potential shifts in US policies and the impact on global crypto growth.

Although Trump’s win brought gains for crypto assets, it also raised concerns among Asian investors due to his past stance on tariffs. The potential of tariffs, particularly on imports from China, added a layer of uncertainty to the region’s economic outlook.

Meanwhile, China is ramping up its efforts on its central bank digital currency (CBDC). Shanghai recently set a target to establish a comprehensive digital yuan ecosystem by the end of 2025. Since April 2020, the digital yuan has been in pilot testing, with cumulative transactions reaching 7 trillion yuan as of June 2024.

In South Korea, financial authorities are considering allowing corporations to open crypto accounts, a move that could change how the country’s crypto market operates. The Financial Services Commission’s Virtual Asset Committee is working on guidelines to issue real-name accounts for corporations, with plans to share finalized details in December. Globally, allowing corporations to invest in cryptocurrencies is becoming a trend, with potential broader support under the future Trump administration.

These developments highlight the evolving landscape of crypto in Asia and beyond. With exciting changes on the horizon, the future of digital assets remains an engaging topic worldwide.