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Hong Kong FinTech Chair Praises Crypto Friendly Policy Statement; Dogecoin Outshines Bitcoin, Ether

Kingofmetaverse by Kingofmetaverse
November 1, 2022
in Dogecoin
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Hong Kong FinTech Chair Praises Crypto Friendly Policy Statement; Dogecoin Outshines Bitcoin, Ether
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Good morning. Right here’s what’s taking place:

Costs: Dogecoin continued to climb at the same time as bitcoin and ether spent the day within the pink.

Insights: The chairman of Hong Kong’s FinTech Affiliation praises the federal government’s new crypto coverage assertion.

CoinDesk Market Index (CMI)

1,026.52 −4.2 0.4

Bitcoin (BTC)

$20,478 −169.3 0.8

Ethereum (ETH)

$1,573 −21.3 1.3

S&P 500 day by day shut

3,871.98 −29.1 0.7

Gold

$1,635 −4.4 0.3

Treasury Yield 10 Years

4.08 0.1

BTC/ETH costs per CoinDesk Indices; gold is COMEX spot worth. Costs as of about 4 p.m. ET

Costs

DOGE Continues Its Late October Surge

By James Rubin

The DOGE days of October continued as the favored meme coin outshone bitcoin, ether and numerous different main cryptocurrencies in Monday buying and selling.

Dogecoin was lately up greater than 1% over the previous 24 hours to proceed its late-month surge, and was lately buying and selling at about 12 cents. DOGE, which was created to mock the speculative nature of cryptocurrencies, spiked late final week as billionaire entrepreneur and DOGE advocate Elon Musk neared the completion of his $44 billion buy of Twitter. Over the previous 4 days Musk has asserted his management over the social media platform. On Monday, he ousted Twitter’s nine-person board.

As CoinDesk analyst Glenn Williams wrote, DOGE’s worth fluctuations appear to stem from the ability of Musk’s persona and a passionate dogecoin neighborhood than the macroeconomic indicators which have been influencing bitcoin, ether and different cryptos over the previous 12 months. DOGE’s rise could correlate with extreme liquidations and a probable brief squeeze, and the token could supply a shorting alternative, Williams wrote.

Bitcoin (BTC) spent Monday within the pink and was lately down about 0.8% from Sunday, similar time, though the biggest cryptocurrency by market worth remained comfortably over the $20,000 perch it assumed final week. Ether was down equally over the identical interval and was altering palms above the $1,500 stage that the second-largest crypto assumed per week in the past.

“Some merchants are rising assured {that a} backside is in place, choices market exercise is displaying the necessity for draw back safety is easing,” mentioned Edward Moya, senior market analyst for international alternate market maker Oanda. “This can be a pivotal final two months of the 12 months that ought to set off a transfer outdoors of the $17,500 and $25,000 buying and selling vary.”

The CoinDesk Market Index (CMI), a broad-based market index that measures the efficiency of a basket of cryptocurrencies, lately rose 0.4% over the previous 24 hours.

In traditional markets, the tech-heavy Nasdaq, Normal & Poor’s 500 and Dow Jones Industrial Common (DJIA) all closed decrease, though the indexes loved a robust month amid faint hopes the U.S. Federal Reserve will ratchet again its hawkish financial coverage early subsequent 12 months. Traders can be eyeing the newest Federal Open Market Committee rate of interest hike, which is extensively anticipated to be a strong 75 foundation factors.

Greatest Gainers

Greatest Losers

Insights

By James Rubin

Hong Kong’s Fintech Affiliation chairman supplied a rousing endorsement of a policy statement suggesting that retail traders would have extra entry to digital belongings and appeared to level the town in a extra crypto pleasant course.

“Now Hong Kong is again within the sport, Neil Tan, who can also be CEO of the blockchain startup Neptune Digital, told The Day by day Forkast in an interview. “And that retail piece does play an enormous piece. When you have a look at the exchanges and market capitalizations, loads of it drives from the retail aspect.”

Within the coverage assertion released Monday at Hong Kong FinTech Week, the federal government’s foremost monetary company, the Monetary Companies and Treasury Bureau (FSTB), indicated it could conduct a public session on how retail traders may attain a “appropriate diploma of entry to digital belongings” to licensed exchanges. The FSTB mentioned it was reconsidering its stance on digital asset alternate traded funds (ETF) and tokenized securities, and that it was “prepared to have interaction” with world digital asset service suppliers and invite them to the town.

Earlier this 12 months, as a part of a transfer to tighten anti-money laundering laws, the Hong Kong authorities moved to license digital asset service suppliers (VASP) through a legislative proposal that handed its session interval. Town’s foremost securities regulatory group, Securities and Futures Fee (SFC), could be supplied with “obligatory intervention powers” to impose restrictions and even prohibitions on firms offering crypto companies.

Institutional curiosity

Tan additionally famous the will for extra establishments “to have extra protection into digital belongings,” and he praised the timing of the coverage assertion’s launch.

“You are introducing it contained in the winter, so there’s little danger by way of draw back,” he mentioned. “There’s much more upside. Everyone else has proven their playing cards corresponding to Dubai and likewise Singapore by way of what the regulatory framework will appear to be in these jurisdictions.”

He added: “Hong Kong is in a robust place. We need to construct a championship workforce. We need to to go to the NBA remaining and win a championship.”

Vital occasions

11:30 a.m. HKT/SGT(3:30 UTC) Reserve Bank of Australia’s Interest Rate Decision

10:00 p.m. HKT/SGT(14:00 UTC) Institute for Supply Management’s Manufacturing Purchasing Managers Index (Oct)

5:45 a.m. HKT/SGT(21:45 UTC) New Zealand Employment Changes (Q3)

CoinDesk TV

In case you missed it, right here is the newest episode of “First Mover” on CoinDesk TV:

Bitcoin Remains Steady, Dogecoin Futures Rack up Nearly $90M in Liquidations

Bitcoin held above $20,500 because the crypto neighborhood observes the fourteenth birthday of the cryptocurrency’s white paper. However it’s dogecoin that is leaping with pleasure because it reached a market cap of over $10 billion over the previous week. John Peurifoy of Floating Level Group joined “First Mover” to debate the crypto markets. Plus, “First Mover” went into the controversy between Sam Bankman-Fried and Erik Voorhees over crypto regulation.

Headlines

Crypto-Linked Terror Attacks Probably Quadrupled, UN Official Says, According To a United Nations Official Interviewed By Bloomberg: As many as 20% of terror assaults could also be financed by crypto, up from 5% just a few years in the past, mentioned Svetlana Martynova.

Bitcoin White Paper Celebrates 14th Birthday: A technical manifesto, the Bitcoin white paper was launched 14 years in the past as we speak below an MIT public license for all to be taught from, share and luxuriate in.

Bitcoin Miner Argo’s $27M Fundraise Falls Through; Shares Plunge: The bitcoin mining trade is battling hovering vitality costs coupled with the stagnated worth of cryptocurrencies.

Ether Sees Biggest Weekly Gain in 3 Months, ETH-BTC Rally to Continue: Ether rallied 16% final week, registering its largest weekly acquire since July. The latest constructive change in ether’s tokenomics are serving to the cryptocurrency outperform trade chief bitcoin.

After Huobi Delisting Stablecoin HUSD Falls 72% From Dollar Peg: Huobi has mentioned it’s going to help clients in exchanging HUSD for USDT.

India’s Central Bank to Start Wholesale CBDC Pilot Nov. 1: A pilot for a retail model will begin inside a month.



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