Chinese Cryptocurrency Experts Predict Another Bull Run

Recently, the situation that the financial markets are in has been looking desolate however, despite this state of affairs in the financial markets, Chinese investors don’t seem to pessimistic considering the current status. The growing capital has led investors to think that the market may be getting another bull market. The growing capital is in the form of thousands of fresh virtual token investment funds. Cryptocurrency specialists from China are led to think that the establishment of funds couples with financial uncertainty could be paving the way for another bull market to rise up. Multiple funds are already being set up as we speak, even though the market is famous for being continuously unstable. The capital of these funds sums up to billions of RMB (the official currency of the People’s Republic of China, Renminbi). Current market bears a positive outlook Speaking to Tencent Technology (a Chinese media outlet) Sun Zeyu, one of the co-founders of Genesis Capital, has said that he believes that the value of virtual currencies will start to rise from October this year, he added:

“Even if there may be a bear market during the second half of this year, I think it will soon be over. We may be approaching the end of the bear market.”

Over the course of the past month, the top digital currencies have gone through a huge dip in their prices. This includes Ether which dropped around 34%t to just under $500 and Bitcoin which fell 23% to around $6,500. Overall, this left the market capitalisation of digital currency to have reached its lowest value in the past five months and sum up to just under $280 billion. Despite these plunges, many investors haven’t turned away just yet. One practitioner, Gao Kangdi, believes that the incoming bull market might surprise everyone. He told the Chinese media:

“The scale of the fifth wave of crypto bull market may be far beyond out imagination.”

Virtual currency specialists from China have supported their view with the fact that capital is preparing for a huge migration into the market. Citizens from China have been travelling to Singapore to sign up their foundations due to the countries regulations being a quick and easy process for registering. You only need your passport and a copy of your ID and the price is 10,000 RMB or $1,561. The process takes around 15 working days and the whole thing is cheaper than in Singapore than in the Caymans. Specialising in Chinese clients, Chen Xianhui had his say on the Singapore situation and said this:

“In recent months, there have been over a thousand foundations being established in Singapore by Chinese nationals.”

RMB could be amounting to anywhere from tens of millions to billion thanks to the token funds’ capital all around the globe. Those that are dealing in the financial market are seeing a space for a quick return on their investment in the blockchain area. This is one of the key reasons behind the amount of token fund being established worldwide. The president of China, Xi Jinping has had his say saying that blockchain technology has “breakthrough applications.”