"This is not a total surprise – the ruling and the timing were largely expected. "This looks like a non-macro-related spot-based move, and the timing coincides with the news that Hong Kong will allow retail trading of BTC and ETH on licensed digital asset platforms as of June 1," Noelle Acheson, author of the Crypto Is Macro Now newsletter, said in Tuesday's edition. The cryptocurrency fell below the trendline early this month, confirming the H&S breakdown and opening doors for a deeper slide toward $25,000. The announcement is consistent with long-held expectations that developments in Asia will catalyze the next crypto bull run and contrasts the lack of regularity in the West, particularly in the U.S.īitcoin picked up a bid during the Asian hours and rose more than 2% to $27,500, probing the former support-turned-resistance of the horizontal trendline connecting the first and second trough of the head-and-shoulders (H&S) pattern. The SFC said registered exchanges would be barred from providing stablecoin and interest-bearing instruments. Hong Kong's Securities and Futures Commission (SFC) announced that it would accept applications from exchanges to offer crypto trading to retail investors from June 1, adding that approved tokens need a 12-month track record and substantial market capitalization. Bitcoin (BTC) rose to key price resistance early Tuesday as Hong Kong said retail investors could trade digital assets from June 1.
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