Crypto Market News: Hong Kong’s move to allow retail trade in Bitcoin, Ethereum and other cryptocurrencies could go down as a historical masterstroke amid the hostile crypto market environment currently in the United States. Considering the geopolitical impact of Hong Kong and the ongoing enforcement actions against crypto businesses in the US, the timing also could not have been any better. The US financial markets are reeling with uncertainty around an impending regional banking crisis along with economic challenges like the debt ceiling concerns and rising inflation.
Recently, Ripple joined the e-HKD Pilot Programme by the Hong Kong Monetary Authority’s (HKMA) while top crypto exchanges OKX and Huobi are in plans to apply for licenses to operate in Hong Kong. Meanwhile, the announcement to allow retail trade is spurring significant demand for Chinese coins like Conflux (CFX).
Demand Rises For Chinese Coins
Besides Conflux (CFX), other China coins Filecoin (FIL) and EOS have seen at least 7-8% weekly gains. With the Hong Kong retail crypto trade to begin from June 1, 2023, these coins are likely to gain even further. This trend comes at a time when Bitcoin price is witnessing a sideways movement and memecoins like PEPE Coin are seeing rise in demand.
Hong kong opening up crypto for China on June 1st
I wouldn’t be surprised to see the China coin narrative pick up this week before they officially open
— Johnny (@CryptoGodJohn) May 28, 2023
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