TronWeekly

Crypto World News

You are here: Home / Search for "hong kong"

Search Results for: hong kong

Crypto Market Surges In Q1 2023: Binance, OKX, & Bybit Lead CEX Market Share

by

In a recent report by Cn.tokeninsight, the top three centralized exchanges (CEX) by market share in Q1 2023 were Binance, OKX, and Bybit. Binance maintained its position at the top with a 55% market share, although slightly lower than the 60% share it held in the previous quarter. OKX and Bybit followed with market shares of 12.8% and 9.47%, respectively, consistent with their rankings in the previous quarter.

image 96 1

Binance’s Strong Performance In Q1 Driven By Bitcoin’s Recovery

The Crypto market experienced a significant boost in Q1, with its market value soaring from $831.8 billion to $1.24 trillion, representing a nearly 50% increase. Bitcoin, the flagship cryptocurrency, played a vital role in this surge, as its price rose from $16,000 at the start of the year to a peak of $30,000, a remarkable 100% increase. 

The rise in Bitcoin’s value acted as a catalyst for increased trading activity and market share fluctuations among exchanges. The total trading volume of the top 15 exchanges in Q1 reached an impressive $10.8 trillion, marking a 40% increase compared to the previous quarter.

The most active trading day occurred on March 14-15, when Bitcoin’s price skyrocketed from around $20,000 to over $25,000. While Binance continued to dominate the spot market with a market share exceeding 50%, OKX saw a slight improvement, increasing its share from 5% to 7% in March.

Gate, another prominent exchange, also witnessed an uptick in its market share, returning to 5% after a usual 3% share. However, the spot transaction volume of $2.4 trillion in Q1 showed a 16% increase compared to the previous quarter but fell short of the previous quarters’ performance.

image 96 2

Derivatives trading volume in Q1 2023 reached a staggering $7.794 trillion, nearly catching up with the levels observed in Q3 2022. It marked a substantial 30% increase compared to Q4. 

The recovery of Bitcoin prices, coupled with various significant events such as the Hong Kong concept and Arbitrum’s currency issuance, fueled the surge in derivatives trading activity.

Binance, OKX, and Bybit maintained their dominance in the derivatives market, accounting for 85% of the market share. Notably, the platform token BGB outperformed both Bitcoin and Ethereum, achieving a remarkable 120% increase. Other platform tokens, such as GT and OKB, also experienced significant growth, surpassing the 50% mark.

As the Crypto industry continues to evolve, these market share fluctuations and trading volume trends serve as valuable indicators of the industry’s overall performance and its leading players in the dynamic landscape of digital assets.

Related Reading | BinanceUS & Unstoppable Domains Forge New Digital Identity For Crypto Traders

Coinbase Sets Sights On Bermuda: Secures Regulatory License & Plans Derivatives Exchange

by

Coinbase, one of the well-known crypto exchanges, has announced that it has obtained a regulatory license from the Bermuda Monetary Authority, enabling it to operate on the island. 

The Bermuda Digital Asset Business Act of 2018 established a regulatory environment for digital assets in the country, which is known for its rigor and transparency.

According to Coinbase’s blog post, Bermuda was selected as an international hub due to the BMA’s exceptional standards of rigor and collaboration, as well as the leadership of its world-class executive team and board of directors, and its strong affiliations with regulatory agencies worldwide.

The license obtained by Coinbase is a Class F license, which covers the provision of custodial wallet services, operating as a digital asset exchange, and providing other digital asset services. 

Coinbase is expanding globally by establishing regulated entities and local operations in high-bar regulatory jurisdictions to facilitate trading solutions and provide products the crypto community demands. 

However, the exchange’s mission is to increase economic freedom for every individual and business around the world by building trusted products that expand the utility and adoption of crypto.

Coinbase Plans Offshore Derivatives Exchange In Bermuda

Meanwhile, another update revealed that Coinbase plans to launch an offshore derivatives exchange in Bermuda, according to a source close to the company. 

The move comes as part of Coinbase’s efforts to expand its operations and diversify its revenue base. The exchange is expected to launch as soon as next week.

According to the report, the new exchange will offer perpetual swaps and other exotic crypto-related derivatives currently unavailable in the US due to regulatory restrictions. The move will put the exchange in direct competition with Binance, which dominates the global crypto trade.

Coinbase CEO’s warning about crypto firms possibly relocating offshore due to unclear regulations was followed by news of the Bermuda license. Despite this, the exchange is unlikely to leave the US and has stressed its compliance record.

The exchange expands in Abu Dhabi as part of the “Go Broad & Go Deep” strategy. Nevertheless, Bermuda’s entry highlights crypto firms’ preference for business in Hong Kong, Dubai, and Singapore.

Related Reading | Bitcoin: Tesla Continues To HODL BTC in Q1 2023

Bitcoin Mining Difficulty Reaches Record High, Mining Stocks Follow Suit Soar 115% YTD

by

In a recent development in the world of Bitcoin, mining difficulty has increased by 1.72% to reach a new record high of 48.71T, as reported by BTC.com. 

image 73

This adjustment occurred at block height 786,240 and has led to a surge in the average hashrate of the entire BTC network, which now stands at an impressive 348.6 EH/s. 

These figures are a testament to the growing popularity and success of Bitcoin as more and more individuals and organizations embrace the digital currency. 

It remains to be seen how this development will impact the broader cryptocurrency landscape, but Bitcoin enthusiasts are sure to be pleased with this latest news.

Bitcoin Mining Stocks Soaring

Bitcoin mining stocks are having a fantastic year so far, with many companies posting substantial gains as Bitcoin’s price rallies. According to a recent report from HashrateIndex, the HI Crypto Mining Stock Index has gained 115% year-to-date, outpacing Bitcoin’s 79% increase.

image 75

The report highlights the importance of diversification in the mining stock sector, as there are significant performance differences between individual stocks. While Core Scientific is the best performer so far in 2023, gaining 455%, other solid performers include Digihost, Cipher, Riot, Iris Energy, and Marathon. 

image 74

These companies have relatively low debt levels and have delivered solid monthly operational updates, exceeding expectations. Looking ahead, the performance of mining stocks will depend on BTC’s price action and the general risk sentiment of the financial markets. 

The report’s author is bullish on the short-term prospects for BTC and believes that mining stocks will continue to outperform if the current upward trend continues. He predicts that if BTC’s mini bull cycle of 2019 repeats, BTC could top out at $42k sometime this year.

Nevertheless, mining stocks are an attractive option for investors seeking leveraged exposure to Bitcoin’s price movement. However, investors should be mindful of the risks and diversify their portfolios to minimize the impact of any potential downturns. 

With careful planning and the right investment strategy, investors can take advantage of the opportunities the thriving mining stock sector presents.

Related Reading | Hong Kong Court Creates History, Labels Crypto as Property

Chiliz (CHZ) And The Sandbox (SAND) Prices Look Bullish, While Collateral Network’s (COLT) 100x Growth Projection Sees Presale Surge

by

Since the crypto market is still fragile, whales have pounced upon Collateral Network’s (COLT) presale, which offers a 3500% return. 

Furthermore, Collateral Network (COLT) tokens are forecasted to surge by 100x after their exchange listing. Meanwhile, Chiliz (CHZ) and The Sandbox (SAND) have also gained some ground despite market uncertainty.

>>BUY COLT TOKENS NOW<<

Chiliz (CHZ) Increases Its Market Presence

Popular fan token, Chiliz (CHZ), has gained positive momentum after announcing that it would launch its layer-1 blockchain on May 10. Chiliz (CHZ) announced the news on March 28, and since then, the price movement of the fan token has been northward. 

The upcoming blockchain will help Chiliz (CHZ) to allow reduced fees, shorter block times, and lower energy consumption. Chiliz (CHZ) has witnessed an increase of 16% on the weekly price chart.

As a result, Chiliz (CHZ) is currently trading at $0.14. Besides the news regarding the upcoming layer-1 blockchain, Chiliz (CHZ) has registered an uptick in its trade volume after obtaining a license from the Bank of Spain to operate a crypto exchange in the country. However, experts believe that Chiliz (CHZ) will have to keep its momentum going for many weeks to touch its peak price of $0.89 again. 

>>BUY COLT TOKENS NOW<<

The Sandbox (SAND) Partners With Two Hong Kong Institutions

Amid the declining hype around metaverses, The Sandbox (SAND) has undertaken several new steps to improve its market standing and stay afloat. Recently, The Sandbox (SAND) partnered with Hong Kong’s two higher education institutions – Hong Kong University of Science and Technology, and Hong Kong Design Institute. 

The two institutions will join The Sandbox’s (SAND) Mega City 3, where they will focus on education in the metaverse. Besides, The Sandbox (SAND) has also launched its “April Festival” where players can get a mystery box, and a share in a 1-million SAND rewards pool. 

The Sandbox’s (SAND) “April Festival” will run from April 5 to May 2. These developments have helped The Sandbox (SAND) rise on the price chart. The price of The Sandbox (SAND) has increased by 3% in the past week. Currently, The Sandbox (SAND) is changing hands at $0.65.

9XSOM8C7BZifVluU6iG8kf jqemFScU9HHwdzjMv4yp1dV 1ah

Collateral Network (COLT) Presale Attracts Immense Attention

Collateral Network (COLT) is a Web3-based peer-to-peer crowdlending platform that is disrupting the traditional lending sector. On Collateral Network (COLT), people can borrow money against their physical assets, like luxury cars, real estate, diamonds, gold, fine whiskey, and more. 

Collateral Network (COLT) mints NFTs that are backed 1-to-1 by borrowers’ tangible assets. Investors can fractionally invest in these NFTs to fund loans and receive a fixed interest on their investments. Thus, borrowers can receive money on Collateral Network (COLT) without selling their tangible assets. 

This unique system is set to solve numerous problems with the traditional lending system, such as slow processing times, lengthy credit checks and the inflexibility of traditional institutions with physical assets as collateral.

COLT holders borrowing on Collateral Network can obtain loans at lower interest rates, while those who become lenders on the platform will receive discounts on trading fees. Additionally, COLT holders can enjoy benefits like staking, governance rights and more. The presale price of Collateral Network (COLT) tokens has increased from $0.01 to $0.014. Experts predict that COLT tokens will rise to $0.35 by the end of the presale. Access to the exclusive VIP members club is limited to only presale COLT buyers, so hurry before all tokens are sold out. 

Find out more about the Collateral Network presale here:

Website: https://www.collateralnetwork.io/

Presale: https://app.collateralnetwork.io/register 

Telegram: https://t.me/collateralnwk

Twitter: https://twitter.com/Collateralnwk 

Conflux Network Paves The Way For DeFi Expansion With Uniswap V3 Integration

by

Conflux Network’s blockchain protocol is making moves to expand its reach in the decentralized finance (DeFi) ecosystem. The protocol recently announced its plans to deploy Uniswap V3, a popular decentralized exchange, to bring massive liquidity to the DeFi space.

In a tweet thread, Conflux Network Official revealed that hat implementing Uniswap V3 could lead to the expansion of its user base by millions, specifically in the Asian and Chinese regions.

The move also benefits projects operating in currencies other than USD, especially Asian projects that can now utilize offshore Chinese Yuan for settlements without having to worry about currency fluctuations.

The market for blockchain applications is mostly controlled by China, which holds an 84% share, while the UK and the US only hold 11% and 14%, respectively. This information indicates that China’s flourishing ecosystem positions it as a crucial contributor to the development of Web3 projects.

Regulatory barriers in the US and EU are expected to fuel the crypto industry’s growth in Asia, with over 80 companies planning to open offices in Hong Kong due to its blockchain-friendly regulations, creating a vital connection to mainland China.

However, Conflux’s move to deploy Uniswap V3 is an exciting development that could further revolutionize the DeFi space. 

As blockchain-enabled innovations continue to change global commerce, it’s clear that Conflux Network is positioning itself to be at the forefront of this transformation.

Conflux (CFX) Price Analysis

However, this latest development did not impact the native token CFX within the network. Nevertheless, the token has been experiencing a bearish market trend and is currently trading in the negative zone on both daily and weekly charts. 

According to available data from CoinMarketcap, CFX is presently trading at $0.3753, having declined by 5% in the last 24 hours, and its price has gone down by 1.33% in the past seven days, as per the charts.

CFX 7D graph coinmarketcap
Source: CoinMarketcap

The price prediction for 2023 shows that the cryptocurrency may reach an average value of $0.78 and a max value of $0.83 by the end of 2023. 

Related Reading |  Uniswap Takes A Roll-Up: Proposes Upgrading v3 Protocol On Polygon’s zkEVM

TRON Sinks to Two-Week-Low After Binance.US Announce Delisting

by

TRON [TRX] fell by over 7% hitting a two-week low after Binance.US discloses plans to delist the token. In the announcement post, the US trading platform stated that it would remove TRX and Spell [SPELL] on April 18, 2023.

Binance.US in its blog said that it periodically reviews each digital asset to ensure that it continues to meet the standard in a rapidly evolving industry.

“When a digital asset no longer meets our high standards, or industry circumstances change, we conduct a more in-depth review of the affected asset and assess whether further action is necessary [i.e. delisting],” it added.

Although the trading company did not specifically say which evaluation criteria the aforementioned tokens fell short of, it listed a number of factors that had a role in the decision to delist the tokens.

Some of these are- changes in a digital asset token’s risk profile and regulatory standing in the United States. evidence of unethical/fraudulent conduct or negligence etc.

It should come as no surprise, judging from the listed factors, that one of the delisted tokens recently came under regulatory fire.

The US SEC has filed a lawsuit against three firms led by Justin Sun, TRON Foundation, BitTorrent Foundation, and Rainberry for allegedly marketing and airdropping TRX and BTT as unregistered securities.

In the press release, the regulator alleged the defendants “fraudulently manipulat[ed]” TRX’s secondary market through an “extensive wash trading” scheme.

Sun, former Grenada’s ambassador to the World Trade Organization, also lost his diplomatic rank after the party that granted him the post was ousted from power in June 2022.

Recently the Tron founder was caught amid rumors of arrest after his arrival in Hong Kong.

TRON Founder’s Reply To Arrest Rumors

Crypto YouTuber Ben Armstrong who goes by BitBoy posted a tweet about the alleged arrest, triggering a reaction from the crypto community.

The news quickly gained traction and was covered by the media. Sun responded with the signal “4”, which has grown in popularity in the crypto world, of late.

Binance CEO Chanpeng “CZ” Zhao added his two cents, writing the same number in response to the rumor. CZ made use of the number “4” to encourage people to “ignore FUD (Fear, Uncertainty, Doubt), fake news, attacks, etc.”

Beijing Removes Bitcoin Content From Douyin App Shortly After Its Debut

by

Bitcoin search results were abruptly removed from the Chinese app called Douyin which recently displayed the token’s price on its platform. The news sparked hopes of a shift in Beijing’s stance on the digital asset ecosystem.

According to the latest update shared by Wu Blockchain, the content of Bitcoin and other tokens in Douyin can no longer be displayed.

The current search result is “According to relevant national regulations, unofficial virtual currencies do not have the same legal status as legal tender. Please invest carefully.”

Douyin is produced by ByteDance the same firm that owns TikTok and has become an influential consumer tool for the Chinese people.

Almost 730 million people gained access to this short-video platform in China by the end of 2022.

Therefore the introduction of Bitcoin in China’s tightly regulated social media was seen as a breath of fresh air.

It is worthwhile to recall on Jan. 25, there were numerous reports claiming that the Chinese tax authorities were looking into the country’s “crypto whales” money in order to tax it.

According to local sources, a local tax office had been in contact with an anonymous large-scale investor since early 2022, requesting an audit of its personal income tax.

It was also revealed that the tax inspectors are looking to apply the basic Chinese income tax rate to their earnings.

Although Beijing may not publicly endorse crypto assets, there is speculation that it is aiding its special administrative region Hong Kong in becoming a major global hub for the industry.

According to a Bloomberg report, Hong Kong has taken a much more liberated approach and has hosted various crypto events in the city which was heavily frequented by officials from China’s Liaison Office and other related entities.

During these events, these gov execs monitored progress, requested updates, and occasionally followed up with calls.

The presence of these Chinese officials led to speculation that the nation covertly harbor desires to investigate the potential of digital assets and a view of the city’s laissez-faire attitude as an ideal setting for testing and experimenting.

Meanwhile, Bitcoin has continued to display bullish signals amidst its historic price surge.

Bitcoin’s Value Taps 10-Month High

As reported by TronWeekly, more Bitcoins are now in the bags of investors who are keen on keeping their bags unmoved for the long term. This trend was last seen from January 2021 through April 2021 when BTC created history and surpassed $64k.

Not long ago, Bitcoin surged above $30,000 for the first time since June 2022, indicating that the largest cryptocurrency by market capitalization is about to break out.

TRON Founder Dismiss Reports Of Binance/Huobi Deal

by

Justin Sun, the founder of TRON, has come clean about the Binance Huobi transaction, stating that he did not make any such offer to the CZ-led trading platform.

We have always regarded Binance as one of our most important partners and will continue to work closely with them on all levels. However, I must point out that in the past week or so, I have not proposed any offer to in the past week or so.

Sun was responding to the rumors about Binance rejecting Sun’s alleged proposal to acquire his ownership stake in Huobi.

Recently, a person familiar with the matter claimed that Binance was not interested due to rumors that Huobi has connections to mainland China, which the top exchange does not want to be associated with.

A month back, Sun-backed Huobi exchange, announced an expansion of its operations in Hong Kong and planned to apply for a virtual asset service provider [VASP] license in the Chinese territory.

In Jan, Sun lauded China’s implementation of taxes on cryptocurrency transactions calling the move a positive step for the global crypto market.

“The tax policy is expected to boost the adoption of cryptocurrencies in the country, as it provides a clear regulatory framework for individuals and businesses,” he stated.

Additionally, he spoke about how TRON and Huobi are leading the expansion and advancement of blockchain technology in China.

TRON’s Justin Sun Alleged Closeness To China Might Have Fueled The Rumours

This comes amidst US regulators who have intensified their enforcement drive against several leading crypto players, including TRON’s Sun who was recently slapped with a lawsuit for alleged market manipulation.

The crypto entrepreneur has since attempted to steer Huobi toward China-controlled Hong Kong insisting that the expansion strategy won’t be impacted by the U.S. civil fraud allegations.

Despite the fact that Huobi was not mentioned in the SEC lawsuit, experts felt that the U.S. regulator’s move would make it more challenging for Hong Kong’s Securities Futures Commission [SFC] to approve a VASP application by Huobi.

While Sun’s latest statement on Binance and Huibo’s alleged deal might have put an end to the speculation, it will be interesting to see his next move in light of the SEC lawsuit.

That said, the crypto billionaire announced an interest to integrate ZK-EVM into TRON and BitTorrent ecosystems. However, it is uncertain when it will be implemented.

XRP Holds Strong: Pro-Crypto Lawyer Compares Token To Nuclear-Proof Cockroach

by

Pro-crypto attorney John Deaton has once again come out to defend the embattled XRP coin, drawing an interesting analogy between the payment token and a cockroach. 

In a recent tweet, Deaton noted the recent coverage XRP has received on CoinDesk and urged people to call it whatever they want – a “Banker’s Coin,” a “shitcoin,” or even a “security.” But he insisted that no other cryptocurrency has shown the level of resilience that the token has demonstrated.

Deaton used language that he believes will resonate with Bitcoin maximalists: “XRP is a – even a nuclear war won’t kill it.” While some may find the comparison to a cockroach unflattering, Deaton’s message is clear: Ripple’s token is here to stay, no matter what its detractors say.

CoinDesk has reported that trading volumes for Ripple’s token have surged to billions of dollars on three of Korea’s top exchanges – UpBit, Bithumb, and Korbit – following the token’s 26% rise in the past week. 

CoinDesk’s Executive Director of Global Content, Emily Parker, has attributed the driving force behind the surge to the Korean market. Parker believes Korea may have been a missing piece of the puzzle when understanding Ripple’s token’s recent success. 

Parker said:

It appears that there has been a missing piece to this puzzle that explains a lot of what’s happening with XRP, and that is Korea.

Investors have taken note of XRP’s impressive performance in March alone, which included a 39% rise. What the future holds for the token and other tokens is uncertain, though, given persistent concerns about the legal framework for cryptocurrencies.

The cryptocurrency business may be impacted by proposed regulation changes in Hong Kong, according to a report from CoinDesk. It is unclear how regulatory changes will affect the future of this well-liked payment token as the token gains momentum.

XRP Defense by Pro-Crypto Attorney Sparks Mixed Reactions

Pro-crypto attorney John Deaton’s recent tweet defending XRP has garnered mixed reactions from the cryptocurrency community. While some investors have echoed Deaton’s sentiment that the payment token has shown resilience, others have expressed skepticism about its long-term potential.

One Twitter user responded to Deaton’s tweet, saying, “I don’t usually invest in crypto, but when I do, it’s XLM,” referring to the Stellar Lumens token. 

One person proposed that stablecoins have made Ripple’s token unnecessary, while another person is hopeful about the token’s future after Gary Gensler’s hearing with the House Appropriations Committee.

image 2

Certain individuals have expressed their dissatisfaction with CoinDesk’s reporting on XRP. One person even speculated that CoinDesk could eventually be owned by Ripple, the entity responsible for XRP. 

Additionally, another individual disagreed with CoinMarketCap’s inclusion of Korean volume in their XRP price feed, claiming that this has led to an incorrect depiction of the actual value of XRP.

Related Reading | Arbitrum’s Governance Woes: 50M ARB Tokens Sent To Wintermute Amidst Proposal Rejection

TRON’s Justin Sun No Longer Grenada’s WTO Ambassador?

by

TRON founder Justin Sun has reportedly lost his diplomat status after the party that granted him the post was ousted from power in June 2022.

The crypto billionaire carried his credentials, addressing himself as “His Excellency” on social media ever since the Grenadan government appointed him as its ambassador to the World Trade Organization in 2021.

A recent report by the Grenada Broadcasting Network revealed that all diplomats selected by the New National Party were recalled at some point in the “early months” of the current nine months of administration of the National Democratic Congress which succeeded after ousting the NNP in June 2022.

Representatives of Grenada’s foreign affairs office or government information services did not respond to inquiries about whether Sun is still a diplomat.

According to the latest updates, Sun has now admitted that his tenure as Grenada’s ambassador concluded on March 31, 2023.

The TRON founder continued to use the honorific “H.E.” on his personal Twitter account as of the time this article was being written.

Nevertheless, the reports have reignited interest, particularly after Sun and his firms Rainberry, BitTorrent Foundation, and Tron Foundation were charged with conspiring to distribute billions of Tronix [TRX] and BitTorrent [BTT] cryptocurrency assets and inflate trading volume since August 2017.

The lawsuit also cast doubts on Sun’s other venture- Huobi Global’s expansion plan in Hong Kong.

But, the TRON founder continues to strike a confident posture saying that Huobi’s commercial plans in the Chinese-controlled territory will not be affected by the U.S. civil fraud allegations.

Notwithstanding the challenges, the Sun-backed cryptocurrency exchange has formed a major collaboration.

TRON Founder led Huobi Global Partners Gala Games

As per a press release published on March 31, the Seychelles-based trading platform announced a strategic partnership with blockchain-based play-to-earn gaming platform Gala Games.

Both of the major players will work together to invest in and list the best initiatives in the Gala ecosystem. Gala Games and Huobi will additionally aid in ecosystem growth, co-branding, project creation, and community building, as stated in the blog.

That said, the TRON founder who owns a majority stake in Huobi recently lauded Hong Kong’s growing attention calling it “one of the experiment zones for crypto development in China.” 

Besides the Chinese-controlled territory, Huobi’s other key regions for business are Malaysia and the Caribbean.