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China’s cryptocurrency investors made gains of about US$1 billion in 2023 despite sweeping government ban
- Mainland cryptocurrency investors achieved US$1.15 billion in 2023 to rank fourth behind those in the US, the UK and Vietnam, according to Chainalysis
- Hong Kong cryptocurrency investors realised gains of US$250 million last year
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Investors in mainland China last year achieved some of the biggest gains in the global cryptocurrency market, according to a new survey, as strong interest persists in the country amid a global rebound in the volatile virtual asset.
Chinese cryptocurrency investors made US$1.15 billion in 2023 to rank fourth behind those in the United States, the United Kingdom and Vietnam, according to an international survey published earlier this week by New York-based blockchain research firm Chainalysis.
The mainland’s ranking was up one spot from its place in the previous Chainalysis survey published in 2021, during the last cryptocurrency bull market. Chinese investors made gains totalling more than US$5 billion at the time.
Hong Kong cryptocurrency investors realised gains of US$250 million last year, according to Chainalysis. In 2021, they made US$1.3 billion.
Overall, cryptocurrency investors around the world recorded total gains of US$37.6 billion in 2023, down from the US$159.7 billion during the 2021 bull market, according to Chainalysis.
Still, last year’s gains represent a significant recovery from 2022, which saw losses reach US$127.1 billion.
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