25 February, 2024

China Plans To Boost Bitcoin And Altcoins, Revealing Surprising Hikes

9 months ago

21 Nov, 2023

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.