Arslan Butt
The global cryptocurrency market has been experiencing growth, and this can be attributed to several factors, including the implementation of new regulations that support cryptocurrency trading platforms. Notably, the Securities and Futures Commission (SFC) of Hong Kong has recently proposed new restrictions for these platforms to enhance investor safety.
#Crypto is on the rise! Keep an eye out for these #CryptocurrenciesToWatch this week of Feb. 20! #MAGAhttps://t.co/9RTtIw8qRS
— Trump in Crypto (@TrumpFanCrypto) February 21, 2023
As many of us know, Hong Kong allowed cryptocurrency companies to operate within its borders starting in October as a measure to revive the struggling financial center. There are indications that Beijing is silently supporting this move, which is leading Chinese firms to resume their operations. If this information is accurate, it’s likely that the cryptocurrency market will see substantial growth.
BREAKING: China supports Hong Kong's proposal to become a #crypto hub pic.twitter.com/7WH3ysxxkR
— Keyur Rohit (@CryptoKingKeyur) February 21, 2023
Despite recent fluctuations, the global cryptocurrency market has managed to hold steady above the $1.13 trillion mark, with a recent upward trend reversing its previous decline. As of now, the cryptocurrency market is valued at $1.13 trillion, representing a 1.67% growth in the last 24 hours.
Chinese Government Representative’s Involvement In Hong Kong Crypto Events
Unnamed sources familiar with the matter have reported that representatives from China’s Liaison Office and other officials have been regularly attending cryptocurrency events in Hong Kong over the last few months.
They have reportedly been exchanging contact information and networking with attendees. This suggests that China is showing interest in Hong Kong’s cryptocurrency industry, which could have a favorable impact on the wider cryptocurrency market.
Hong Kong’s #crypto efforts receive little opposition from china pic.twitter.com/WAZWBYPR4h
— CryptoSavingExpert ® (@CryptoSavingExp) February 21, 2023
After Beijing’s ban on cryptocurrency and the subsequent relocation of several organizations outside the country, the cryptocurrency market has faced significant challenges. However, both domestic and foreign businesses are now looking to establish operations in China, hoping to set a precedent for the industry.
As a result, on Tuesday, stocks related to cryptocurrency and blockchain in China experienced a rise. Hong Kong-based digital asset company, OKG Technology Holdings Ltd., saw a surge of as much as 22%, while New Huo Technology Holdings Ltd., a cryptocurrency platform provider, experienced an increase of up to 14%. In mainland China, software expert Shenzhen Forms Syntron Information Co. saw an increase of 10%.
Hong Kong Other Plans
On Monday, Hong Kong revealed a new plan to allow regular investors to trade digital tokens such as Bitcoin and Ether, demonstrating its continued willingness to embrace the cryptocurrency market. The Securities and Futures Commission of Hong Kong has announced that individual investors may be permitted to trade larger cryptocurrencies on exchanges that hold licenses from the organization, subject to conditions such as knowledge tests, risk assessments, and authorized exposure limitations.
BREAKING! Hong Kong will allow retail investors to trade big #crypto coins like #bitcoin and #ethereum.
The China pump narrative is heating up!
— Lark Davis (@TheCryptoLark) February 21, 2023
Additionally, Hong Kong is aiming to attract back Chinese cryptocurrency entrepreneurs who have relocated to other countries in recent years. For example, the founder of Tron, Justin Sun, has announced plans to return to Hong Kong, stating on Twitter last month that he will move there.
This recent shift in the Hong Kong SAR government’s stance towards cryptocurrencies suggests that the central Chinese government has granted the region permission to conduct forward-thinking experiments to determine how cryptocurrencies can be adapted and localized for the vast Chinese market. As a result, the cryptocurrency market is likely to gain momentum.
FOMC Minutes
As mentioned earlier, the global cryptocurrency market is expanding, but investors are still cautious about making significant investments due to a series of economic data releases, including the release of minutes from the US Federal Open Market Committee later this week.
U.S. core PCE
FOMC minutes this week pic.twitter.com/6hSays9AUj
— (@AlessioUrban) February 20, 2023
Investors have been eagerly awaiting the release of the meeting minutes from the US Federal Open Market Committee due to a range of economic concerns. They are looking for hints on the state of the economy, the Fed’s plans for tackling high inflation, and the scale of forthcoming interest rate increases.
Moreover, the minutes from the January Fed meeting are expected to shed light on the committee’s position on monetary policy, provide insights into the reasoning behind the recent decision to raise rates, and reveal how members expect to proceed with rate hikes in future meetings.
Pre-sale Cryptocurrency Projects to Consider Investing in for 2023
For those interested in investing in cryptocurrency, pre-sale projects may offer an opportunity to get involved early on and potentially see significant returns on investment. As we head into 2023, there are a number of pre-sale cryptocurrency projects worth considering.
Fight Out
Fight Out is a “move-to-earn” platform that rewards players with tokens for their physical activity and movements. As part of its pre-sale, the platform is offering $FGHT tokens to investors who wish to benefit from a low-cost asset while leading an active lifestyle.
$4.4M RAISED
Things are heating up #FightOutCrew!
Remember, you can now become a #FightOut affiliate and earn $$$ for spreading the word!
Join the presale today and claim your 50% bonus! https://t.co/HRNj0G6deC…#Crypto #Presale #Metaverse #Affiliate pic.twitter.com/6NmGmBmH5I
— Fight Out Official Team (@FightOut_Team) February 20, 2023
Fight Out has raised nearly $4.5 million in its ongoing pre-sale as investors hurry to take advantage of tokens at the lowest prices, with incentives of up to 67%.
C+Charge
In December 2022, C+Charge launched a pre-sale for its native cryptocurrency, $CCHG, which uses blockchain technology to enable electric vehicle (EV) owners to pay for charging their cars. Along with the pre-sale, C+Charge also released a smartphone app that allows users to locate charging stations and access information about charges and wait times.
The app will also store the carbon credits and CCHG tokens that users earn when they charge their vehicles at locations that support C+Charge’s payment method.
In addition to the aforementioned pre-sale projects, the B2C team has conducted an analysis and put together a list of the top cryptocurrencies to watch in 2023.
See Best Crypto to Invest in 2023
Related news:
- Fed Interest Rate Probability Rises on Sticky Inflation & Strong Data
- Top Reasons Why Crypto Prices Are Consolidating Before Possible Take Off This Week
- Chinese Crypto Coins – Which Are The Coins to Buy For Believers in This New Bull Cycle Narrative?
Fight Out - Next Big Train-to-Earn Crypto
- Backed by LBank Labs, Transak
- Earn Rewards for Working Out
- Level Up and Compete in the Metaverse
- Presale Live Now - $5M Raised
- Real-World Community, Gym Chain
This article was written for Business 2 Community by Arslan Butt.
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