Recently, many analysts on Twitter have been talking about an upcoming ‘Chinese Pump’ event. One of the rally catalysts is the possibility of the country paving the way for certain altcoin projects with regulations. Here are the developments you need to follow during the month of February.
Cryptocurrency market may jump with China Pump catalyst
The cryptocurrency market has watched the rally of altcoin projects framed by artificial intelligence (AI) and ZK roll-up in the new year. A number of analysts on Twitter suggest that a new bull run will begin with the economic and regulatory developments from China. In particular, regulatory easements in Hong Kong and “quantitative easing” in China raise bullish prospects.
One of the main catalysts of the rally was the People’s Bank of China (PBoC) inflating the markets by printing large sums of money. The data confirms that the latest rally in cryptocurrencies has coincided with the issuance of the central bank. Also, the announcement of the licensing regime for Virtual Asset Service Providers (VASP) in Hong Kong (can be activated on June 1, 2023) has drawn public attention to “Chinese Cryptos”.
Watch out for these 8 altcoin projects: they can take advantage of the Chinese pump
Andrew Kang of Twitter listed altcoin projects that could stand out in the Chinese pump. These cryptocurrencies are traded on Asian exchanges or their project teams are in close contact with the country:
- Filecoin (FIL)
- Polkadot (DOT)
- VeChain (VET)
- Eos (EOS)
- Internet Computer (ICP)
- Klayn (KLAY)
- BNB Coin (BNB)
- Ethereum (ETH)
The analyst also says that the cryptocurrencies of Asian-focused centralized exchanges could accompany the rally. The stock market tokens that should be on the watch list in February are as follows:
- Huobi Token (HT)
- KuCoin Token (KCS)
- Gate Token (GT)
- OKX Token (OKB)
These altcoin projects strengthen the possibility of rally
cryptocoin.com As an affiliate, we cited the recent rally of Conflux (CFX), the only regulatory-compliant altcoin project in China. The altcoin project, which is seen as “Chinese Polygon”, rallied around 150% in a short time, while OKB reached the ATH level after the launch announcement of OKBChain.
Meanwhile, the rally of the Chinese Ponzi Avatar continues, with Conflux consuming more Polygon (MATIC) gas than any Binance (BNB) wallet. Conflux is a permissionless Layer 1 Blockchain that links protocols. Blockchain specifically provides a fast, secure and scalable Blockchain environment with zero congestion, low fees, and enhanced network security.
Could be a rally candidate in FLOKI
The tweet, in which analyst Andrew Kang listed 8 altcoin projects that he expected to rally, also received comments from the Floki team. Floki’s official Twitter account suggested that the token could also rally. The reason for this was the close Asian partnerships of the project.
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