Cryptocurrency

Bitcoin

Spot

Analysts have observed that China-linked tokens such as VeChain and Neo are being used as proxy tokens for Hong Kong's ambition to become a leading Asian crypto hub. 
This comes amid speculation that Hong Kong regulators may soon greenlight spot ETFs for Bitcoin and ETH. In line with expectations, both tokens achieved significant weekly gains. However, both altcoins lost some of their weekly gains due to the decline in the market. 
Wintermute analysts evaluated the situation of these altcoins as follows: 
<blockquote> 
 “VeChain and Neo are seen as representatives of demand in Asia, especially in the retail and fast money circles. Neo, for example, is popularly known as the 'China's Ethereum'.” 
</blockquote> 
Analysts also noted that Hong Kong's efforts to position itself as a cryptocurrency hub in the East may have contributed to Neo's strong performance and visible inflows into VeChain and Conflux: 
<blockquote> 
 “This basket of tokens was on the radar of many fast money investors around June 2023 when Hong Kong started issuing individual crypto licenses. Many acted as a proxy for APAC flows.” 
</blockquote> 
The upward move for each token coincides with news that Hong Kong regulators may approve spot ETFs based on Bitcoin and ETH earlier on Monday. 
*This is not investment advice. 
 Continue Reading: <a href="https://en.bitcoinsistemi.com/analysts-these-two-altcoins-will-be-hardest-hit-by-mondays-hong-kong-bitcoin-earthquake/">Analysts: These Two Altcoins Will Be Hardest Hit by Monday’s Hong Kong Bitcoin Earthquake</a>

Analysts: These Two Altcoins Will Be Hardest Hit by Monday’s Hong Kong Bitcoin Earthquake

Bitcoin Sistemi EN

Weitere Artikel, die am 12. Apr. 2024 veröffentlicht wurden

Fetch.ai (FET) Faces Challenges: Why Another Rally Might Not Succeed

Bitcoin (BTC) and Ethereum (ETH) Getting Crushed. Is Bull Run Over?

Toncoin (TON) Price Jumps As TON Foundation Partners With HashKey

Crypto Prices Today April 12: Bitcoin At $71K, ETH Dips Below $3600 As SOL & ADA Recover

This might be the global economy’s worst decade yet – No, really

US Banks And Wall Street Giants Buy Bitcoin ETFs, SEC Filings Reveal

Abonniere unseren kostenlosen Newsletter und erhalte tägliche Krypto-Updates!