In an interview with crypto expert Sheldon the Sniper, Crypto Banter founder Ran Neuner, discussed the recent Bitcoin price surge. In addition, both of them had a talk on the Securities and Futures Commission of Hong Kong’s announcement from a few days ago, in which it was said that beginning on June 1st, individual investors could trade some cryptocurrencies.

Sheldon The Sniper, a prominent crypto enthusiast and a YouTuber, shared an interview on Twitter describing the bull run of Bitcoin and other altcoins in China:

Neuner reported that the surge in Bitcoin’s value is thought to be propelled by this regulatory advancement, among other factors. In the wake of the announcement, cryptocurrency prices have seen a notable surge, with Bitcoin experiencing a 1.7% increase and surpassing the critical price resistance of $27,000. Bitcoin has surged to $27,950, marking a 2.92% rise in the last 24 hours.

In May, the top-performing digital currency had been experiencing a period of limited trading activity as it grappled with breaking past the $30,000 threshold while maintaining a position above $25,000. This news is a positive development with promising implications in a market characterized by a lack of notable triggers and a period of muted trading.

On May 27, Binance CEO Changpeng Zhao made an announcement on Twitter regarding the Beijing government tech committee’s release of a Web 3.0 white paper. This news comes simultaneously with Hong Kong’s highly anticipated retail trading launch. According to Neuner, CZ’s tweets suggested a bullish sentiment from the Binance CEO.

Hong Kong has announced that it aligns with the long-standing expectations of advancements in Asia catalyzing the next crypto bull run. This contrasts the regulatory climate in the West, particularly the US.