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Breaking: Hong Kong Allows Retail Investors Trade Bitcoin, ETH, Other Crypto Breaking: Hong Kong Allows Retail Investors Trade Bitcoin, ETH, Other Crypto

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Why Chinese Coins Could Be The Next Crypto Market Movers – Crypto News

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Crypto Market News: Hong Kong’s move to allow retail trade in Bitcoin, Ethereum and other cryptocurrencies could go down as a historic 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.

Also Read: Memecoins Prints Selective Growth as Crypto Market Recovers, Here Are the High Fliers

Recently, Ripple joined the e-HKD Pilot Program 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 Chinese 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.

Read More to know about Top China Coins to Invest in 2023

Also Read: Arthur Hayes Predicts Best Time To Sell Bitcoin

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Reach out to him at anvesh@coingape.com.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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