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Beijing Signals Yearslong Tech Crackdown as Investors Reevaluate China Bets
China's tech crackdown extends far beyond crypto.
Автор Eliza Gkritsi
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China's central government issued a five-year plan Wednesday that calls for tougher regulation across industries, signaling that the last few months' crackdown on tech industries that has shaken investors' confidence in the market will not abate any time soon.
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- Key to the crypto industry, the plan calls for more legislation on tech industries and the environment, intensifying law enforcement in finance and ecological management, as well as the "healthy development" of new business models in digital industries.
- Chinese state-run Xinhua News Agency reported the development on Wednesday.
- China, once the world's largest bitcoin mining hub, has been cracking down on crypto mining because of environmental and financial concerns. Miners are moving their operations overseas, primarily to central Asia.
- But Beijing's push to rein in tech industries goes far beyond crypto, and has led global investors to reconsider their exposure to China.
- Share prices for Chinese tech giants like Tencent and Alibaba have been tumbling, and SoftBank is holding back on investing in the country.
- The plan also calls for a nationwide unified law enforcement system using internet and big data: Chinese local authorities have been experimenting with the use of consortium blockchains to integrate government data, including in the field of law enforcement.
Read more: Why China’s Ban on Crypto Mining Is More Serious Than Before
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
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- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Bitcoin’s weakness versus gold and equities puts quantum computing fears back in focus
Some investors have revived concerns that quantum computing could threaten bitcoin, but analysts and developers say recent price weakness reflects market structure.
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- Bitcoin’s recent price stagnation has sparked a renewed debate over quantum-computing risks, with investor Nic Carter arguing that quantum fears are already shaping market behavior.
- On-chain analysts and prominent investors counter that the slowdown is better explained by large holders taking profits and increased supply hitting the market around the $100,000 level.
- Most bitcoin developers still view quantum attacks as a distant, manageable threat, noting that proposed upgrades like BIP-360 provide a path to quantum-resistant security and are unlikely to explain short-term price moves.
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