After Hong Kong announced its full embrace of cryptocurrencies, many exchanges around the world have been eager to try it out.

However, due to the strict review system, only a few exchanges have obtained Hong Kong licenses so far.

According to the Hong Kong Securities and Futures Commission’s (SFC) website, local branches of major mainland cryptocurrency exchanges including OKX, Gate.io, KuCoin, Binance, and HTX (formerly Huobi) have withdrawn their applications for Hong Kong Virtual Asset Trading Platform (VATP) licenses submitted in the past few months.

It is reported that there are 24 companies that applied for Hong Kong licenses, 7 of which have voluntarily withdrawn their applications, leaving only 2 companies with licenses.

The reason for the withdrawal, in addition to strict supervision, is that most exchanges are trying to attract mainland investors in disguised ways, which is not allowed.

Therefore, most exchanges are unwilling to give up mainland business for the sake of Hong Kong.

The problem is that the application to withdraw the Hong Kong license was falsely promoted and exaggerated by many domestic media.

The so-called "clearance", "giving up Hong Kong business means giving up domestic users", "revoking the license may ban mainland users" and other illogical remarks are completely deceptive.

The revocation or successful application for a Hong Kong license will actually have only a small impact on the exchange itself. It will have no impact at all on the overall market and the mainland users of these exchanges, because what 94 and 519 failed to do will be difficult to achieve in the future.

From various groups, forums, and tweets, we found that many retail investors and KOLs are over-promoting "this little thing", which is a bit like the previous "Hong Kong ETF passed" and the so-called "ETF accepts domestic investors". The essence of these news is false and eye-catching.

There is a piece of news that is worth paying attention to.

The U.S. election has involved the cryptocurrency circle. Even Biden, who has always been unfriendly to the crypto circle, has extended an olive branch, changed his views for votes, and even set up a special department to study and connect with some top people in the cryptocurrency circle.

This will directly affect the actions of some regulatory authorities such as the SEC. For the sake of votes, they cannot offend nearly 50 million American crypto investors.

Then we may see Ethereum’s ETF application being completely approved soon, otherwise, the result of this election will become a one-sided situation.#ETF✅

As for other copycat ETFs such as SOL, I think they may be a little slower and wait until the interest rate is lowered before applying or being approved, because SOL's goal for this round has determined that it will not be too hasty. #SolanaETF

So I think that in recent months, the market will have to go sideways (it can't be too high, nor too low) to digest the gains of the past year. A direct rush will not last long and is not very healthy.

The recent trend of MEME is partly affected by the election, Trump-related, PEOPLE has skyrocketed, partly driven by PEPE, and also in the short term affected by the GME incident and the popularity of SOL chain dog. #pepe为何这么牛逼

Putting all the above things together, this round of MEME lasted for more than two months.

In short, this round of MEME has exceeded the imagination of all old investors. This is related to the rise of retail investors, which started from BRC20 (BRC20 is also MEME). It can also be regarded as a resistance to the chaos of VC coins.

In the past two days, the popularity has dropped slightly, old MEMEs have started to pull back, and new MEMEs are still continuing.

VC coins and memes go up and down, and down and up together. Everything will always turn around. I would like to remind you that if you have made a layout at a low position before, there is nothing to say, just buy slowly. If not, it is not recommended to chase highs or buy at the bottom during a correction. Instead, you should make money on memes and then layout the next sluggish sector. #memecoin🚀🚀🚀

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