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, reports the South China Morning Post. Chinese cryptocurrency investors made $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 gains pulled off last year by mainland investors showed how the nation’s community of cryptocurrency enthusiasts has continued to thrive, despite Beijing’s rigid stance against all activities related to the virtual asset. Cryptocurrency trading via a number of major exchanges has remained active in mainland China, as local enthusiasts employ a range of workarounds and skirt loosely implemented restrictions.
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 $5 billion at the time. Hong Kong cryptocurrency investors realised gains of $250 million last year, according to Chainalysis. In 2021, they made $1.3 billion.