China Has Quietly Flipped On Crypto Amid Huge $1.6 Trillion Bitcoin, Ethereum, XRP And

BitcoinBTC , alongside other major cryptocurrencies ethereum, XRPXRP and solana, have surged as traders brace for a massive Wall Street game-changer.

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The bitcoin price, which has more than doubled to $44,000 per bitcoin over the last 12 months, has been left in the dust by solana and some other smaller coins—with some expecting 2024 to bring even bigger moves.

Now, amid wild rumors of a sovereign bitcoin bid, China has said it will place “great importance to the development of” the crypto industry in the future, despite a China bitcoin and crypto trading ban that crashed the market in 2021.

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in its aggressive attitude toward bitcoin and crypto—something that may be changing amid the latest bitcoin, ethereum, XRP, solana and crypto price surge.Getty Images

China is pushing ahead with its development of non-fungible tokens (NFTs) and blockchain-based decentralized applications, according to a document published by China’s ministry of industry and information technology.

“Our ministry will strengthen collaborative interaction with relevant departments to promote web 3.0 technological innovation and high-quality industrial development,” a government document, translated with Google and dated August 4 but only published this week, read.

Web3, an idea that rose to prominence last year, describes a blockchain-based, decentralized internet that could replace the Silicon Valley-centric web 2.0 that’s dominated by the likes of GoogleGOOG and Facebook’s Meta.

China’s tech ministry plans to look at the “metaverse”—referring to a shared digital world that can include open-world games and interactive spaces online—”and NFTs and explore the implementation paths and applications of technologies such as decentralized identity management and virtual digital people.”

After China banned crypto trading and mining in 2021, the country has continued its development of blockchain technology, mostly for government surveillance and identification purposes.

The development of China’s digital yuan, a so-called central bank digital currency (CBDC) that was partly inspired by bitcoin and crypto, has spurred other countries around the world to explore the development of their own CBDCs, including a digital dollar in the U.S., a digital euro in the E.U. and the U.K.’s digital pound.

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China’s bitcoin and crypto crackdown that saw miners banished from the country.Forbes Digital Assets

China’s continued interest in bitcoin’s underlying blockchain technology comes as the combined bitcoin, ethereum, XRP, solana and crypto market nudges its year-to-date highs.

“Crypto’s market capitalization duplicated its December peak on Wednesday evening, reaching $1.65 trillion, before marking a neat profit-taking following a similar move in stock indices,” Alex Kuptsikevich, FxPro senior market analyst, said in emailed comments.

“The propensity for profit-taking after a surprisingly strong rise in 2023 alternated with FOMO [fear of missing out] momentum. These factors are arguably the only market drivers right now without significant economic and market news.”

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