With June 1 approaching, and Hong Kong and Chinese investors looking to trade cryptocurrencies legally again, the market has already turned bullish. So far, Chinese currencies have led the pack when it comes to gains, so here are three of the most popular Chinese tokens that are likely to move higher if the bullish trend continues.
neo (neo)
neo (neo) It has long been a favorite of Chinese investors and is often fondly referred to as “Chinese Ethereum”. The cryptocurrency is one of the leading cryptocurrencies in the region, so it is not surprising to see that it is back in the spotlight as retailers prepare to start trading cryptocurrencies in Hong Kong on June 1st.
The past week has already been profitable for its investors as gains of 13.95% are already recorded on the weekly chart. Also in the past day, the digital assets saw a gain of 3.34%, but there is still a lot of ground to cover before trading starts. So it can present NEO as a good option for investors looking to take advantage of the new bullish rally led by Chinese investors.
NEO price recovers above $11 | Source: NEOUSD on TradingView.com
Conflux (CFX)
Conflux (CFX) It is one of the best Chinese coins that investors should keep an eye on during this time. Conflux is a China-based blockchain company whose native token CFX has seen huge success this year. However, the downturn in the coin’s price last month did not deter investors, and as the Chinese narrative grew, so did the token.
Just like NEO, last week was a good one for CFX which gained 9.96% to push its price above $0.32 again. The coin’s trading volume also exceeded $117 million in a 24-hour period, indicating that investors always invest in this coin before the expected June 1 date.
VeChain (VET)
VeChain (VET) is one of the oldest blockchains in the space which was founded in 2015, the same year as Ethereum. And while VeChain hasn’t grown as much as Ethereum, it hasn’t stagnated either and has become one of China’s most important altcoins, making it an ideal candidate for those looking to cash in on the existing narrative.
Although VET didn’t perform as well as the others on this list, it was up 5.58% last week. It is also seeing a modest gain of 1.67% on the 24-hour chart, but promise of further gains remains ample as the last two days until June 1st could see a rapid rally in these currencies. If the trend continues, VET could look to break the $0.03 resistance before the week ends.
China and encryption
China banned cryptocurrency in 2021 when the price of bitcoin soared to $60,000. This move caused a market crash, from which Bitcoin recovered not long after, but left Chinese investors unable to properly participate in the market they previously controlled. This, so far Hong Kong has taken a step.
the A country has passed a new law that will allow cryptocurrency exchanges to offer services to investorsThis allows them to participate in the market again. This gives investors in China a way to trade cryptocurrency without worrying about breaking the law.
It is set to go into effect on June 1, less than three days from now. As this date approaches, A.J Stady By Forex Suggest, it was shown that Hong Kong is the most cryptocurrency ready country in the world. However, it remains to be seen how this event will play out in the crypto market.