China's entry into the crypto market and potential for growth
China has a history of banning crypto, but the recent release of a white paper for Web 3 innovation and development and Hong Kong's decision to legalize crypto investment has sparked speculation of a potential bull market in China. The founders of top crypto exchanges, Binance and Coinbase, believe that Chinese coins have the potential to take off and have identified three tokens with growth potential:
Vechain (VET): blockchain for businesses and corporations, closely tied to China
NEO: known as "Chinese Ethereum," has the potential for growth in the next bull market
High Street (HIGH): a native token of a decentralized commerce-centric play-to-earn metaverse built with virtual reality support, backed by Binance Labs
However, the market may not be ready for a bull market yet, as various funds, market makers, and exchanges have yet to establish themselves in new countries and continue to suffer from regulators. It may take another year before the bull market begins.