A proposed plan could allow retail investors in Hong Kong and institutional investors in mainland China to trade cryptocurrencies, including Bitcoin, through Hong Kong. Photo: Florence Lo/Reuters
Bitcoin (BTC-USD) is up over 2% as investors eye the ongoing U.S. debt ceiling standoff and anticipate a positive trend for the cryptocurrency in China.
Bitcoin was trading at around $27,500 (£22,175) on Tuesday, up 0.8% on the week.
The global cryptocurrency market cap was $1.19 trillion, up 1.8%.
Investors are watching developments in Hong Kong and China in anticipation of a proposed plan that could allow Hong Kong retail investors and mainland China institutional investors to trade cryptocurrencies through Hong Kong.
The Hong Kong Securities and Futures Commission will announce the conclusions of the consultation on retail investor participation at a briefing on Tuesday and plans to launch a digital asset platform licensing scheme on June 1.
Continue reading: Crypto live prices
This move is not without controversy given the turmoil in the global crypto market in 2022 and the collapse of the FTX exchange.
According to Coingecko, Bitcoin has fluctuated between $26,500 and $27,500 for the past two weeks amid US debt ceiling talks between President Joe Biden and House leaders.
The US Treasury Department reiterated Monday that it can only meet the government’s financial commitments until June 1 without raising the debt ceiling, leaving a 10-day window for an agreement between White House negotiators and Republicans in Congress .
Although analysts think the risk of a U.S. default is minimal, if it actually happens it could potentially lead to a cryptocurrency crash.
Michael Saylor, co-founder of MicroStrategy (MSTR), gave a confidence boost to Bitcoin saying that Bitcoin is entering a new bull market.
He attributes this upsurge to the bitcoin halving process, increasing adoption and expected regulatory crackdown on the entire crypto industry, which could favor bitcoin.
Speaking to CNBC, he said he expects investor and developer interest to shift from other blockchains to Bitcoin as regulations weed out other competing cryptocurrencies.
The story goes on
Watch: Japan vies to ‘be number one again through Web3 innovation’ | The crypto mile
Download the Yahoo Finance app, available for Apple And Android.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.