According to Caixin on December 16 (Editor Hu Jiarong), thanks to the continuous rise in Bitcoin prices and consecutive historical highs, Hong Kong's cryptocurrency concept stocks have strengthened.
As of the time of writing, Boyaa Interactive (00434.HK), Languang International (08267.HK), and Xiong'an Technology (01647.HK) have increased by 7.18%, 6.56%, and 5.15%, respectively.
Note: Performance of cryptocurrency concept stocks
In terms of news, Bitcoin prices have reached a new historical high today, temporarily touching $106,427. As of the time of writing, it has risen by 1.52%, trading at $104,722.50.
Note: Performance of Bitcoin
Last Friday, the Deputy Secretary for Financial Services and the Treasury of the Hong Kong SAR Government, Chen Haolian, stated that a public consultation on the licensing system for over-the-counter trading and custody service providers of virtual assets is planned for next year to promote the sustainable development of different sectors of the virtual asset market.
Currently, there are three licensed virtual asset trading platforms in Hong Kong. The Hong Kong Financial Services and the Treasury Bureau plans to submit the draft regulations for the supervision of fiat-backed stablecoin issuers to the Legislative Council for review within this month.
Regarding the licensing of virtual assets, the Hong Kong Securities and Futures Commission pointed out in a recent quarterly report that they are accelerating the relevant processes. They are currently reviewing license applications from 15 virtual asset trading platforms and expect to issue licenses to several qualified operators within this year.
Recent actions by Trump have boosted Bitcoin's strength
In fact, since Trump was elected as President of the United States, Bitcoin prices have continued to strengthen. His series of favorable public statements and commitments regarding Bitcoin and the cryptocurrency industry have made the election results a direct catalyst for the soaring Bitcoin prices.
For instance, Trump hinted at plans to establish a Bitcoin strategic reserve similar to the U.S. Strategic Petroleum Reserve. The market is filled with expectations regarding Trump's support for digital assets and his commitment to making the U.S. a dominant force in the global crypto industry; this optimism is directly reflected in the strong demand from institutional investors for crypto ETF products.
According to data compiled by the media, since the election day on November 5, 12 cryptocurrency funds launched by issuers including BlackRock Inc. and Fidelity Investments have collectively attracted about $9.9 billion in net inflows, helping the total assets of such funds to rise to approximately $113 billion.
In addition, Ray Dalio, founder of Bridgewater Associates, one of the world's largest hedge funds, recently stated that he will invest in 'hard currencies' such as gold and Bitcoin, while avoiding debt assets, as most major economies are facing rising debt levels.
