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Bitcoin Surges After Hong Kong’s Retail Trading Launch: Crypto Analysts

source-logo  coinedition.com 29 May 2023 12:54, UTC

In a recent interview, Crypto Banter founder Ran Neuner sat with crypto analyst Sheldon the Sniper to discuss the spike in Bitcoin’s price. The duo highlighted the recent announcement made by Hong Kong’s Securities and Futures Commission, which unveiled plans to permit retail investors to trade select crypto assets from June 1.

Sunday stream! Live in 15min!
Myself & @cryptomanran going to talk about what could cause the next $BTC pump in the next 72 hours
Plus we will be going through AI tokens we believe are still in good buy zones
Full market update ! https://t.co/XXDm8nm1wD pic.twitter.com/w1Pl4Fwnvw

— Sheldon The Sniper (@Sheldon_Sniper) May 28, 2023

According to Neuner, this regulatory development is believed to be one of several driving forces behind the recent pump in Bitcoin’s value. Following the announcement, cryptocurrency prices experienced an upward trend, with Bitcoin surging by 1.7% and surpassing the crucial price resistance of $27,000. At the time of writing, Bitcoin stands at $27,950, exhibiting a 2.92% increase in the past 24 hours.

Throughout May, the leading cryptocurrency had been trading within a narrow range, struggling to surpass the $30,000 mark while managing to stay above $25,000. Given the lack of significant catalysts and a period of subdued trading, this news arrives as a promising development for the market.

Binance CEO Changpeng Zhao took to Twitter on May 27, drawing attention to the release of a Web 3.0 white paper by the Beijing government tech committee, coinciding with the anticipation of Hong Kong’s retail trading launch. For Neuner, CZ’s tweets hint at the Binance CEO’s bullish sentiment.

The Hong Kong announcement aligns with long-standing expectations that advancements in Asia would serve as a catalyst for the next crypto bull run, in contrast to the regulatory climate in the West, particularly the US. Neuner emphasized,

Perhaps people are more excited about China than they are worried about the US.

Furthermore, Neuner mentioned about a tweet from Colin Wu, a Chinese reporter from Wu Blockchain, which revealed that meme coin FLOKI was featured as a partner on a billboard during the singles finals of the 2023 World Table Tennis Championships broadcasted on Chinese state TV station CCTV-5. Neuner found this development “quite weird.”

In response to the exposure, FLOKI witnessed a surge of over 10% in its price. At present, FLOKI is priced at $0.0000335.