As the markets try to recover from a new wave of mass sales in panic, some players can earn money and the public “when there is blood in the streets”
Alibaba bans mining rig advertising; CoinGecko, CoinMarketCap and TradingView are blacklisted by “Great Chinese Firewall”; and Binance and Huobi shut down Chinese accounts. Here’s who can make billions on this Orwellian drama.
America should not miss its chance
Every time that Chinese authorities announce another anti-crypto witchhunt, the United States is declared among the most obvious beneficiaries of this scenario. In May 2021, when China banned cryptocurrency mining, America, among others, was singled out as the most obvious destination for miners in exile.
However, in these predictions, the U.S. was mentioned together with exotic locations like Kazakhstan, Pakistan and Africa.
Today, politicians and industry experts, including Senator Pat Toomey, Jeremy Allaire, CEO of Circle Inc., and Anthony Pompliano of Morgan Creek Digital, see the attack as a “chance” for the United States.
Sen. Toomey stressed that the U.S. can show its “structural advantage” over the Chinese authoritarian system of total control as it attempts to suppress free Internet and cryptocurrencies.
Yet another catalyst for DeFi
To comply with the latest regulatory requirements, more and more large centralized exchanges are stopping providing their services to Chinese accounts. In recent days, Huobi banned Chinese traders from using the exchange, while Binance stopped new registrations from mainland China.
As such, many crypto enthusiasts will migrate to decentralized exchanges like 1Inch, dYdX, and Uniswap.
In the past 24 hours, the dYdX trading volume surged almost 50% and surpassed $11 billion for the first time, while Curve Finance DeFi witnessed a 127% overnight spike, according to CoinMarketCap data.
Telegram welcomes refugees
As China bans all companies from providing services to cryptocurrency users, China’s largest social media platforms, Weibo and WeChat, are also subject to these draconian restrictions.
That is why crypto enthusiasts are leaving these platforms in favor of Telegram messenger.
Chinese journalist and insider Colin Wu also adds that this “migration” is proactive as no media service has shared plans to shut down crypto-focused groups and chats.
