NewsletterHere’s Why Chinese Coins Could Be The Next Crypto Market Movers
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.
Also Read: Memecoins Prints Selective Growth as Crypto Market Recovers, Here are the High Fliers
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
Read More to know about Top China Coins to Invest in 2023
Also Read: Arthur Hayes Predicts Best Time To Sell Bitcoin
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Crypto Lawyer Bill Morgan Praises Ripple’s Multi-Chain Strategy as RLUSD Hits $1.1B
- Michael Saylor Teases New Bitcoin Buy As ‘Orange Dots’ Return
- December Recovery Ahead? Coinbase Outlines Why Crypto Market May Rebound
- Peter Brandt Hints at Further Downside for Bitcoin After Brief Rebound
- $1.3T BPCE To Roll Out Bitcoin, Ethereum and Solana Trading For Clients
- Ethereum Price Holds $3,000 as Bitmine Scoops Up $199M in ETH; What Next?
- Solana Price Outlook Strengthens as Spot ETFs See $15.68M in Fresh Inflows
- Dogecoin Price Gears Up for a $0.20 Breakout as Inverse H&S Takes Shape
- Bitcoin Price Forecast as BlackRock Sends $125M in BTC to Coinbase — Is a Crash Inevitable?
- XRP Price Prediction As Spot ETF Inflows Near $1 Billion: What’s Next?
- Solana Price Outlook: Reversal at Key Support Could Lead to $150 Target
