There is an interesting movement happening with cryptocurrencies made in China while the US and China prepare for important trade negotiations. Yesterday, tokens like TRON, NEO, VeChain, and Conflux showed fluctuations, with some falling more than expected - TRX retreated 1.77%, NEO dropped 2.45%, VET lost 4.06%, and CFX registered -1.51%.

The context is somewhat tense. US and Chinese authorities are scheduled to meet at the end of the week for the first time since Trump imposed those heavy tariffs against China. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer will meet with Chinese officials in Switzerland. Don’t expect a major deal from this, but it’s a sign that negotiations are moving forward.

What’s interesting is that these movements significantly influence sentiment around Chinese cryptocurrencies. After weeks of tariff concerns, any news about negotiations can act as a catalyst for these tokens.

Now, there’s something much deeper happening behind the scenes. The US has taken the lead in Bitcoin mining hash rate, but here’s the detail: China still dominates the export of ASIC miners. Even with the official mining ban there, speculation circulates about an underground crypto economy operating normally. A recent study from the University of Cambridge indicated that China still accounts for about 21% of the global Bitcoin hash power.

The infrastructure is already in place. Places like Inner Mongolia, with cheap electricity and a focus on renewable energy, are suspected of hosting clandestine operations. Nic Puckrin, a cryptocurrency expert, commented that despite the official ban, China has all the infrastructure established — from offshore mining to cross-border trading hubs. With the growing global push for cryptocurrency adoption and the US leading, it’s likely China will be encouraged to get more strategically involved, even if unofficially.

All of this means that cryptocurrencies made in China could be at an interesting inflection point. If negotiations progress and the underground crypto economy continues to grow, these tokens could gain new momentum. It’s worth keeping an eye on, especially on platforms like Gate where you can monitor these movements in real time.