good morning. Here’s what’s happening:
price: Dogecoin continued to rise even as Bitcoin and Ether were in the red all day.
insight: The chairman of the Hong Kong Fintech Association has praised the government’s new crypto policy statement.
1,026.52 −4.2 0.4
$20,478 −169.3 0.8
$1,573 -21.3 1.3
S&P 500 Daily Close Price
3,871.98 −29.1 0.7
$1,635 −4.4 0.3
Government Bond Yield 10 Years
BTC/ETH price per CoinDesk Index; Gold is the COMEX spot price.Price around 4pm ET
DOGE Continues Late October Surge
October’s DOGE days continued as the popular meme coin surpassed Bitcoin, Ether, and many other major cryptocurrencies in trading on Monday.
dogecoin has recently climbed more than 1% over the past 24 hours, continuing its month-end surge, recently trading around 12 cents. Created to mock the speculative nature of cryptocurrency, DOGE has been announced by billionaire entrepreneur and his DOGE backer Elon Musk nearing completion of his $44 billion acquisition of his Twitter. So it spiked late last week. For the past four days, Musk has asserted his control over his social media platform. On Monday, he fired his nine-person board of directors on his Twitter.
As CoinDesk Analyst Glenn Williams I have writtenDOGE’s price volatility appears to be due more to Musk’s personality and the strength of the passionate Dogecoin community than the macroeconomic indicators that have impacted Bitcoin, Ethereum and other cryptocurrencies over the past 12 months. . DOGE’s rise could be correlated with over-liquidation and short-squeezing, and the token could offer short-selling opportunities, Williams writes.
Bitcoin (Bitcoin) Despite losing money on Monday and recently down about 0.8% from Sunday, the largest cryptocurrency by market value was comfortably above last week’s supposed $20,000 level. Ether similarly fell over the same period, with the second-largest cryptocurrency surpassing his $1,500 level he assumed a week earlier.
“With some traders becoming more confident that a bottom has been reached, options market activity has been weighed down by the need for downside protection,” said Edward Moya, senior market analyst at forex market maker Oanda. “It shows that it is easing,” he said. “This will be a crucial last two months of the year that will trigger a move out of the $17,500 and $25,000 trading range.”
CoinDesk Market Index (CMI)a broad market index that measures the performance of baskets of cryptocurrencies, recently rose by 0.4% over the past 24 hours.
at the traditional marketthe tech-heavy Nasdaq, the Standard & Poor’s 500 and the Dow Jones Industrial Average (DJIA) all closed lower, while the Federal Reserve announced a hawkish monetary policy early next year. The index enjoyed a strong month amid faint hopes of pulling back. It has been.
biggest price riser
The Chairman of the Hong Kong Fintech Association, policy statement This suggests that retail investors will have more access to digital assets, which seems to point the city in a more crypto-friendly direction.
“Now Hong Kong is back in the game,” said Neil Tan, CEO of blockchain startup Neptune Digital. Said Daily Forecast interview. “And the retail part of it plays a big role. If you look at exchanges and market cap, a lot of it comes from the retail side.”
in the policy statement release At Hong Kong Fintech Week on Monday, the government’s main financial institution, the Financial Services Treasury Board (FSTB), announced how retail investors should have an “appropriate degree of access to virtual assets” to licensed exchanges. He indicated that he would hold public consultations on whether this could be achieved. The FSTB is reconsidering its stance on cryptocurrency exchange-traded funds (ETFs) and tokenized securities, saying it is “ready to engage and invite to the city” with global cryptocurrency service providers. rice field.
Earlier this year, as part of a move to tighten anti-money laundering regulations, the Hong Kong government moved License virtual asset service providers (VASPs) through legislative proposals past the consultation period. The city’s main securities regulatory group, the Securities and Futures Commission (SFC), will be given “necessary powers of intervention” to impose restrictions and bans on companies offering cryptocurrency services.
Tan also praised the timing of the release of the policy statement, noting that more institutions would like to “cover more of their digital assets.”
“We’re introducing it in the winter, so there’s very little downside risk,” he said. “There are even more advantages. Everyone else, like Dubai and Singapore, are showing the cards in terms of what the regulatory framework in those jurisdictions will look like.”
“Hong Kong is in a strong position. We want to build a championship team. We want to go to the NBA Finals and win,” he added.
11:30 AM HKT/SGT (3:30 UTC) Reserve Bank of Australia interest rate decision
10:00 pm HKT/SGT (14:00 UTC) Institute for Supply Management Manufacturing Purchasing Managers Index (October)
5:45 AM HKT/SGT (21:45 UTC) Change in New Zealand employment (Q3)
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