Legalization of crypocurrencies in China doesn't automatically mean that everyone suddenly puts their money into cryptocurrencies, so don't get your hopes up. With that said, if they really wanted cryptocurrencies, they would already grab some through exchanges like btcc.com; because though cryptocurrencies aren't declared legal in China(as far as I know), they aren't illegal either.

With their contribution to the market, I think the market will grow to trillion.

Actually we almost hit that trillion marketcap during the last bull run but if China legalize and we know they have a big number of miners and therefore its expected that they have a lot of people interested in crypto, there should be a significant growth.

No certain amount of measurement can do but we're very determined to say that they're a quite big market. Remember the time two years ago when we're not yet hitting the all time high and China has always been blamed whenever the market upsets.

Many have speculated and said that they are manipulating the market. And after their announcement of getting detach to cryptocurrencies, the market still survived and grew.

China is soon to become the most dominant player in the world of cryptocurrency, especially if it will soon successfully launch the cryptocurrency controlled by its own central bank and if it will finally open up the whole country to Bitcoin. I guess there is that potential that current marketcap of Bitcoin will be adding at least 50% growth to the current level it is enjoying, and it can just be the start because Chinese who are not in the mainland China can also be encouraged to be a part of the market, forming a bandwagon effect. However, we are actually just getting advanced here for we do not fully understand the mindset of the leadership of China. Let's wait and hope that something good is coming out from the recent pronouncement of Xi Jinping on the blockchain, that hopefully the same positive view will be rub on Bitcoin as well. Certainly, if China will do this before the halving, there can be a double bull run that can happen. And this will cement the fact that China is the biggest force that ever affected cryptocurrency.

Crypto to become a trillion dollar market is already a great improvement, and of course that's likely to happen if China will fully embrace crypto and they will legalize it. Most of the rumors in the past that has a big effect on the market are coming from China, remember when China ban crypto, the market bleeded that time so if its a positive news, the opposite would happen.

Also, the reason of the recent surge of BTC was the announcement of china to develop blockchain, so this means people would ride on the hype and this market will eventually grow.

I think a coin with central bank control will be difficult to achieve success. One of the reasons why cryptocurrencies succeed is that people are free to exchange and remain anonymous . If China intends to issue a currency, perhaps they should issue CNYT to compete with USDT.

It sounds like they're being positive about Bitcoin itself which is something I didn't expect.

All the same they don't do anything if it doesn't benefit Chinese power. If they fostered BTC adoption until it started to be identified as a threat to their plans you can bet your peachy buns they'll come down hard on it again.

It's possible they regard it as a factor in undermining the power of USD. It might take many more years but it's a long game regardless of your approach.

The impact that China would legalise crypto would be significant. The significance would then be on the positive side if they allowed the entire crypto and not just their own crypto backed otherwise, its going to have a negative effect because the moment they have their own crypto backed, it would be supported with all of the state's apparatus which also means going against all perceived competitors among which include the bitcoin and the entire crypto currency that we have come to know currently. The most important effect would then happen when other countries are following the trend that China is following.

Once the China legalize the cryptocurrency especially the Bitcoin, then, the value of today's market cap can be doubled or tripled, it depends how their people accept it. As we all know China have their own strategy way of investment. Crypto will increase in demand as some people from different countries will think that the mass adoption has come, so people will panic buy.

That will be certain and might happening anytime soon.

We know the fact China is quite influencer and proven many times on how the market reacts from banning of ico to supporting blockchain industry so if ever they will push through we might see sudden up but definitely not for long term.

Either Trillion and Quadrillion is exaggerating figure.