Bitcoin soars above $24K as traders look for Hong Kong’s decision

Bitcoin recently came to life as regulations surrounding digital assets are in the works. Experts believe that this news is only part of the ongoing hike.

On the other hand, the crypto industry can expect constant regulatory volatility throughout the year. Traders are also keenly looking forward to Hong Kong’s decision to include crypto providers in the same field as traditional financial ventures.

Regulators are expected to officially make crypto trading completely legal for everyone on June 1. The latest Twitter thread by Noodle of Binance talks about a huge influx of money coming from the east. In addition, users can expect an Asian currency-based stablecoin from Hong Kong.

The bullish sentiments surrounding Hong Kong’s move have been present since December 2022. Hong Kong-based regulators have already released multiple crypto initiatives, including proposals like banning algorithmic stablecoins.

Such news updates has put traders’ focus on the government’s legislative system. Taking effect from June 1, crypto service providers will fall into the same category as well-established banks. As soon as the news came in, regional BTC flow from North America to Asia surged to 7.7 million dollars on a weekly average.

The development clearly depicts how traders are moving assets between regions. On the other hand, the news helped the entire Bitcoin industry rise 6.8%. As per CoinGeck, the industry’s total market capitalization reached 1.15 billion dollars, up from 1.07 billion dollars.

A sudden increase in the total open interest has also been noticed after the US CPI data’s release. Open interest surrounding Bitcoin alone reached 8.5 billion dollars, up from 7.5 billion dollars. As regulators across the globe formulate new policies, traders and crypto enthusiasts are hoping for a positive outlook for the industry.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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Bitcoin (BTC) $ 66,047.70
Ethereum (ETH) $ 3,555.06
Tether (USDT) $ 0.999761
BNB (BNB) $ 605.05
Solana (SOL) $ 144.39
XRP (XRP) $ 0.491851
Dogecoin (DOGE) $ 0.136235
Cardano (ADA) $ 0.412337