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These Two Altcoins Will Be Hardest Hit by Monday's Hong Kong Bitcoin Earthquake
$NEO $VEN (Vechain) *not available on Binance
VeChain and Neo are being used as proxy tokens for Hong Kong's ambition to become a leading Asian crypto hub.
This comes amid speculation that Hong Kong regulators may soon greenlight spot ETFs for Bitcoin and ETH. In line with expectations, both tokens achieved significant weekly gains. However, both altcoins lost some of their weekly gains due to the decline in the market.
Wintermute analysts evaluated the situation of these altcoins as follows:
“VeChain and Neo are seen as representatives of demand in Asia, especially in the retail and fast money circles. Neo, for example, is popularly known as the 'China's Ethereum'.”
I also noted that Hong Kong's efforts to position itself as a cryptocurrency hub in the East may have contributed to Neo's strong performance and visible inflows into VeChain and Conflux:
“This basket of tokens was on the radar of many fast money investors around June 2023 when Hong Kong started issuing individual crypto licenses. Many acted as a proxy for APAC flows.”
The upward move for each token coincides with news that Hong Kong regulators may approve spot ETFs based on Bitcoin and ETH earlier on Monday.
*This is not investment advice.
#China #HONKONG #SpotETFApproval #NeoCoin #VeChain
$NEO $VEN (Vechain) *not available on Binance
VeChain and Neo are being used as proxy tokens for Hong Kong's ambition to become a leading Asian crypto hub.
This comes amid speculation that Hong Kong regulators may soon greenlight spot ETFs for Bitcoin and ETH. In line with expectations, both tokens achieved significant weekly gains. However, both altcoins lost some of their weekly gains due to the decline in the market.
Wintermute analysts evaluated the situation of these altcoins as follows:
“VeChain and Neo are seen as representatives of demand in Asia, especially in the retail and fast money circles. Neo, for example, is popularly known as the 'China's Ethereum'.”
I also noted that Hong Kong's efforts to position itself as a cryptocurrency hub in the East may have contributed to Neo's strong performance and visible inflows into VeChain and Conflux:
“This basket of tokens was on the radar of many fast money investors around June 2023 when Hong Kong started issuing individual crypto licenses. Many acted as a proxy for APAC flows.”
The upward move for each token coincides with news that Hong Kong regulators may approve spot ETFs based on Bitcoin and ETH earlier on Monday.
*This is not investment advice.
#China #HONKONG #SpotETFApproval #NeoCoin #VeChain
Hong Kong Bitcoin ETF issuers reportedly stated that mainland Chinese funds are not allowed to buy cryptocurrency ETFs, debunking a Matrixport report that claimed potential $25bn inflows from these investors.
#HONKONG #BitcoinETF领域的先驱。此举超出了行业对今年晚些时候推出的预期。” $BTC $ETH $SOL
#HONKONG #BitcoinETF领域的先驱。此举超出了行业对今年晚些时候推出的预期。” $BTC $ETH $SOL
The Hong Kong police have arrested 27 individuals suspected of orchestrating a sophisticated crypto romance scam, utilizing deepfake technology to deceive victims into investing in cryptocurrency. This operation, named "暗语" (Dark Code), led to the discovery of a scam that amassed around 3.6 billion Hong Kong dollars (approximately $46 million USD) by luring victims through online relationships into fraudulent crypto investments. The scam operated for about a year, targeting both local and international victims, primarily from Hong Kong. This incident highlights the increasing use of AI and deepfake technology in financial scams, posing significant challenges for law enforcement and highlighting the need for enhanced cybersecurity awareness. #HONKONG #Write2Earn!
