Bitcoin remains in the latest high price range, suggesting an influx of Chinese money in the situation in Hong Kong


Macroeconomics and financial markets

US stock markets will be closed on the 20th for the President’s Day holiday. The futures market was also thin.

The next day, the 21st, the Tokyo stock market was sluggish with a lack of clues. The Nikkei Stock Average (early session) ended trading 12 yen (0.05%) lower than the previous day.

connection:Maintaining China’s monetary easing is also positive for the virtual currency market, etc. | 21st Financial Tankan

connection:Stock investment recommended for cryptocurrency investors, representative cryptocurrency stocks of Japan and the United States “10 selections”

Virtual currency market

In the crypto asset (virtual currency) market, Bitcoin rose 1.85% from the previous day to $24,872.

BTC/USD daily

After the adjustment, the lower price was raised and the price is squabbling at the recent high, so there is a strong desire to buy on the dip. There is no main resistance line (upper resistance line) until around $30,000, which is the bottom of the bull market in 2021, and it is possible that the return selling pressure will increase around $30,000 to $31,000.

The minutes of last month’s US FOMC meeting will be released on the 22nd, but given that Chairman Powell mentioned disinflation at a press conference, negative factors that exceed market expectations are not expected.

connection:Bitcoin, which reached a high in August last year, should be wary of worsening market sentiment next week | bitbank analyst contribution

China money inflow?

The Securities and Futures Commission (SFC) of Hong Kong released a draft on the 20th of June to authorize crypto asset (virtual currency) exchange licensing requirements and individual investors to trade cryptocurrencies by June this year.

connection:Hong Kong Authorities Consider Resuming Crypto Trading for Individual Investors

Hong Kong, which China positions as a “Special Administrative Region”, has a vision to become a hub for virtual currency, and if approved, China money (funds from Greater China) can be expected to flow into Hong Kong.

Huobi, which was acquired by cryptocurrency Tron founder Justin Sun, has revealed plans to open a crypto asset exchange “Huobi Hong Kong” in Hong Kong.

It will comply with local regulations and specialize in services for institutional investors and high net worth individuals.

altcoin market

Among individual stocks on the alt market, Conflux Network (CFX), which is considered China’s only regulated public chain, surged 572% week-on-week.

Conflux Network was born in the lab of Tsinghua University, a famous academic institution in China.

Led by Dr. Andrew Yao, a Turing Award winner, the lab aims to solve the trilemma of “scalability, decentralization, and security” advocated by Ethereum co-founder Vitalik Buterin. The goal is to promote cross-border exchanges by building technology.

Conflux has partnered with government agencies such as the Chinese city of Shanghai on blockchain and metaverse initiatives, and recently the Hong Kong government invited Conflux co-founder Ming Wu to join Web3. They are said to have discussed the role that Conflux Network should play in terms of technological innovation and development.

On January 26th, it partnered with China-based social media platform giant Little Red Book, and on February 15th, it was revealed that it was partnering with China Telecom to develop a blockchain SIM card.

In addition, the Helium Network Foundation officially announced the transition to the Solana blockchain around March 27th, and SOL rose over the previous weekend. It was 19.33% higher than the previous week. HNT also increased by 28.5% from the previous week.

The migration from the native blockchain to the Solanachain itself is based on a governance vote (Helium Improvement Proposal) passed last September with 81.41% of the votes in favor.

Helium is a distributed wireless network for “IoT (Internet of Things)” that supports the wireless network standard LoRaWAN protocol. You can get (virtual currency) HNT tokens.

Helium’s COO (Chief Operating Officer) said, “By moving to Solana, we can focus on scaling the network instead of managing the blockchain itself. We can aim to improve the interoperability of the ecosystem.” emphasized.

The price of Solana (SOL) plummeted as it was an initial investment and support destination for major exchanges FTX and Alameda Research, which went bankrupt in November last year. Major NFT projects such as “Degods” and “Y00ts” announced their withdrawal from Solana and announced that they would switch to other chains.

Click here for a list of market reports published in the past

The post Bitcoin remains in the latest high price range, suggesting an influx of Chinese money in the situation in Hong Kong appeared first on Our Bitcoin News.


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