I was monitoring the market yesterday and noticed something interesting: Chinese cryptocurrencies started to move. TRX rose 1.53%, NEO advanced 1.34%, VeChain gained 1.21%, and Conflux was up +0.52%, while OKB marked +0.64%. Nothing explosive, but the move is real.

The timing is curious. US and China authorities are set to meet this week in Switzerland to discuss tariffs and trade negotiations. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer will be there. They don’t expect a major deal, according to the statements, but the fact that they’re negotiating already changes market sentiment.

All of this is driving Chinese cryptocurrencies. Projects like NEO (which many call the Chinese Ethereum), TRON (known for speed and low fees), VeChain, and Conflux are starting to attract attention again. When there’s hope for improvement in trade relations, these assets tend to react positively.

But there’s something deeper happening. China has been dethroned as the world’s largest Bitcoin miner, but here’s the important detail: they still dominate the export of ASIC miners. And then there’s that parallel mining economy business that nobody wants to talk much about.

A 2024 report from the Universidade de Cambridge attributed 21% of global hash power to China, even with the official ban. Inner Mongolia, with cheap renewable energy, continues to be a clandestine hub. The infrastructure is already there, you see? It didn’t disappear just because it was banned.

The US now leads in open mining, but the question is: how long will that last if China decides to get involved in a more strategic way? Some specialists point out that with more global pressure for cryptocurrency adoption, China may change its stance.

All of this fuels speculation about the future of Chinese cryptocurrencies—and Bitcoin in general. If negotiations progress and there’s greater openness, these tokens could gain more traction. It’s worth keeping an eye on, especially here at Gate, where you can track these moves in real time.