Chinese State-Owned Media Try to Dampen Market's Crypto Enthusiasm
Chinese state-backed media are warning investors to remain rational amid a spike in interest in crypto companies.

Chinese state-owned media are attempting to quell the rush into crypto stocks following President Xi’s statement to “seize the opportunity” afforded by blockchain.
State-backed agencies are publishing material meant to encourage “rational” investments, amid this surge in speculation in blockchain and fintech firms, Reuters reported Tuesday.
On Monday, over 100 public fintech companies – tied or tangentially related to blockchain – soared in price at market opening as sentiment around the sector turned bullish, but perhaps too much so.
“Blockchain’s future is here but we must remain rational,” wrote the state-backed People’s Daily newspaper late Monday night.
Echoing a statement espoused by China Central Television this weekend, the newspaper continued:
“The rise of blockchain technology was accompanied by that of cryptocurrencies, but innovation in blockchain technology does not mean we should speculate in virtual currencies.”
Reuters also reported that the independent Shanghai Stock Exchange warned traders, “for any blockchain-related (topics), we ask listed companies to make statements based on facts and not make any exaggerated claims or create vicious hype."
While there has been much hype, the enthusiasm followed by news of 500-plus specific enterprise blockchain projects already in motion in China and registered over the past year.
Crypto-frenzy spurred by Xi wass not limited to China. This morning, the Antigua and Barbuda-based derivatives exchange FTX announced an index fund comprised of eight China-related cryptocurrencies.
Chinese stocks image via Shutterstock
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Exchange Review - March 2025

CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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