Friday, February 23, 2024


This news has been around since mid-February and created a wave of growth in the market at the time, also known as the term “Chinese Pump”. And as we get closer and closer to June 1st – the day when Hong Kong officially legalizes cryptocurrencies, it looks like the wave is making a comeback. —————————- ***Legalize Cryptocurrencies*** Hong Kong citizens will be allowed to buy and sell and trading crypto assets from June 1. Current rules limit cryptocurrency trading to professional investors – individuals with a portfolio of at least HK$8 million. Besides, the Hong Kong government also started to deploy its own CBDC – e-HKD. ***New wave to the market*** This is also relatively understandable at the present time. Once a new regulatory framework is formed, a certain amount of capital will move from the traditional financial market into the Crypto market. These include: * Capital of retail (mass) investors * Capital of institutional investors in Hong Kong * Capital of foreign investors through Hong Kong * Public capital Government’s ***Notable Coins*** It can be seen that the market has reacted relatively positively as it gets closer to June 1st. The more coins that are/are related to China have good intraday rallies. For example * $PHB: 54% * $COCOS: 35% * $CFX: 30% * $MASK: 22% * … and there is an additional $XRP with news supporting HK government in implementing e- HKD also shows a relative gain.

Source: Collector



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