Crypto Market News: Hong Kong’s move to allow the retail of Bitcoin, Ethereum and other cryptocurrencies could go down in history as a historic masterstroke in the hostile crypto market environment currently prevalent in the United States. Given the geopolitical impact of Hong Kong and ongoing enforcement actions against crypto companies in the US, the timing couldn’t have been better either. US financial markets are plagued by uncertainty about a looming regional banking crisis, along with economic challenges such as debt ceiling concerns and rising inflation.
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Recently, Ripple has joined the Hong Kong Monetary Authority (HKMA) e-HKD pilot program, while top crypto exchanges OKX and Huobi have plans to apply for licenses to operate in Hong Kong. Meanwhile, the announcement to allow retail is driving significant demand for Chinese coins like Conflux (CFX).
Demand rises for Chinese coins
Besides Conflux (CFX), other Chinese coins Filecoin (FIL) and EOS have made at least 7-8% weekly gains. With the start of crypto trading in Hong Kong from June 1, 2023, these coins are likely to gain even further. This trend comes at a time when Bitcoin price is moving sideways and memecoins like PEPE Coin are seeing rising demand.
Hong Kong opens crypto to China on June 1
I wouldn’t be surprised if the story about the Chinese coins picks up this week before they are officially opened
— Johnny (@CryptoGodJohn) May 28, 2023
Read on to learn more about the best Chinese coins to invest in 2023
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Anvesh reports major developments around crypto adoption and trading opportunities. He has been associated with the industry since 2016 and is now a strong advocate for decentralized technologies. Anvesh is currently based in India. Contact him at anvesh@coingape.com.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
This post Why Chinese coins could be the next crypto market movers
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