avatarJessica Doosan

Free AI web copilot to create summaries, insights and extended knowledge, download it at here

3622

Abstract

provides essential resources to local game developers.</p><p id="1d8a"><i>Tencent, Huawei, AIA Group, and Alibaba Group are all major players in Hong Kong.</i></p><p id="197b">Looking at all of this, web3, metaverse, and gaming have the potential to move extremely quickly since they do not need resources.</p><h2 id="5562">Listing</h2><blockquote id="026d"><p>They have set criteria for listing cryptocurrencies, and they will not provide permission to list a coin with less than 1 million in liquidity. As a result, only high-quality coins will be traded in the market.</p></blockquote><p id="ae7e">China has become more optimistic about the crypto market and based on bitcoin, it appears that the crypto industry will be bullish. On the other hand, whatever data the US economy has released, there are signs of increased market pressure.</p><figure id="267d"><img src="https://cdn-images-1.readmedium.com/v2/resize:fit:800/0*IDFByGYcIZhwNcFc"><figcaption>Photo by <a href="https://unsplash.com/@xgirma?utm_source=medium&amp;utm_medium=referral">Girma Nigusse</a> on <a href="https://unsplash.com?utm_source=medium&amp;utm_medium=referral">Unsplash</a></figcaption></figure><h2 id="3b2e">SEC</h2><p id="0267">SEC Chairman Gary Gensler has made a statement about cryptocurrency. If there is any currency that is not bitcoin, which we call altcoin, it is considered a ‘security’ in the eyes of the SEC. Why does Gary say this?</p><p id="380c">According to Gary, there is no bitcoin website, no group of entrepreneurs behind bitcoin, no legal entity, and no business establishment of any type. Apart from bitcoin, all other cryptocurrencies, have their creator, website, and model, are visible. Just bitcoin, according to grey, is a digital asset. The SEC’s policy is quite strict.</p><p id="8322">The US Treasury Secretary has stated that the US does not intend to restrict bitcoin and cryptocurrency.</p><p id="ff1d">Gary Gensler has only spoken but the US court will decide it. If any crypto project gets Red Cross in US Court, then Gary Gensler’s words will come true that apart from bitcoin, all other coins are securities.</p><blockquote id="1c81"><p><i>In the G20 meeting, cryptocurrency was also discussed. The IMF and FSB will work together on creating a formula for global crypto regulation.</i></p></blockquote><h2 id="fdbe">Robert Kiyosaki</h2><p id="ef9a">In his opinion, bitcoin is a commodity similar to gold and silver, and he believes that if cryptocurrency regulation is implemented, bitcoin will be the most widely traded currency.</p><p id="f5ec">He is an expert in global economic fundamentals; according to him, the price of bitcoin might reach $500,000 by 2025.</p><h2 id="03d9">Bull Vs Dragon Vs Bear</h2><p id="81fd">Friends, many things are pointing in both positive and negative directions, so keep an eye on the chart. Trust the chart no matter how it appears, whether it is negative or positive. Have a neutral mindset so that the bull-bear-dragon can not control us.</p><p id="575b" type="7">Clap — Share — Comment — Happily ☺</p><h2 id="102d">Disclaimer</h2><p id="aaec">This is not a Financial Advice. This article is meant only for educational purpose. I am just sharing my thoughts and analysis based on my many years of experience.</p><h2 id="e57d">Thank You for Reading…</h2><div id="c60f" class="link-block"> <a href="https://medium.com/@jessicadoosan02"> <div> <div> <h2>Jessica Doosan - Medium</h2> <div><h3>Read writing from Jessica Doosan on Medium. Brain Booster: Crypto analyst and an Investor. Every day, Jessic

Options

a Doosan…</h3></div> <div><p>medium.com</p></div> </div> <div> <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/0*MlK6T6A8gblGZdlq)"></div> </div> </div> </a> </div><h2 id="31b5">↑ ↓ Brain Boosting …</h2><div id="7bb5" class="link-block"> <a href="https://readmedium.com/top-10-chinese-crypto-coins-belonging-to-china-126fd2411c87"> <div> <div> <h2>Top 10 Chinese Crypto Coins Belonging to China</h2> <div><h3>Why do Chinese People Like to Buy: Essential Parts</h3></div> <div><p>medium.com</p></div> </div> <div> <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/1*8Wpkh9dHW45ONvg67SFP5A.png)"></div> </div> </div> </a> </div><div id="d4fe" class="link-block"> <a href="https://readmedium.com/has-the-crypto-market-entered-in-a-bullish-trend-feb-2023-eb3ac649f5cd"> <div> <div> <h2>Has the Crypto Market Entered In a Bullish Trend? -Feb 2023</h2> <div><h3>Bullish Sounds | Gemini | China | CBDCs | Chart | Strom</h3></div> <div><p>medium.com</p></div> </div> <div> <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/0*yxq0LuUYCc3DbFNm)"></div> </div> </div> </a> </div><div id="4668" class="link-block"> <a href="https://readmedium.com/binance-labs-top-low-cap-coin-investments-90bada42d526"> <div> <div> <h2>This Super Low Market Cap Coin is in The Portfolio of Binance Labs</h2> <div><h3>Gem | Hardly Know | Pairing | Unique Mechanism | Performance | Buyback</h3></div> <div><p>medium.com</p></div> </div> <div> <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/0*w-1fLnKmQYvXElji)"></div> </div> </div> </a> </div><div id="2eca" class="link-block"> <a href="https://readmedium.com/i-predicted-when-bitcoin-would-break-the-previous-all-time-high-of-69000-ffca7e067122"> <div> <div> <h2>I Predicted When Bitcoin Would Break the Previous All Time High of $69000</h2> <div><h3>2012 to 2021 Data | BTC’s Production | Chart | Cycle | Day | Pattern | Timeing</h3></div> <div><p>medium.com</p></div> </div> <div> <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/1*OTpsBN6zOX6vmEsQELhooA.png)"></div> </div> </div> </a> </div><div id="a7a1" class="link-block"> <a href="https://readmedium.com/how-coinbases-base-chain-could-change-the-game-ba0d70e21878"> <div> <div> <h2>How Coinbase’s BASE Chain Could Change the Game</h2> <div><h3>Explain Sequencer| Cathie Wood | Scaling | Dapp | BASE Stand | Revolutionary</h3></div> <div><p>medium.com</p></div> </div> <div> <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/0*iyZs3_d1D2_HJ-hl)"></div> </div> </div> </a> </div></article></body>

Who is Fueling Bitcoin’s Bull Run?

Bull Vs Dragon Vs Bear

Created in Canva

There are a lot of discussions about how China is involved in the current bull rally in cryptocurrencies. The base of this bull rally is the Chinese market.

Trading in cryptocurrencies from Hong Kong will begin on June 1. There is a lot of demand, but none of the exchanges have access to Hong Kong. Huobi Exchange is seeking to obtain approval there while looking at this demand.

If China’s traffic increases on Huobi, USDD demand may rise. More than 200% of USDD in collateral is held by Huobi. In Hong Kong, Huobi can provide coins in USDD. This is how USDD/TRX are related; if you want USDD, burn TRX tokens and mint them.

If the Huobi exchange is granted the license in Hong Kong, TRX, USDD, and HT will benefit more than any other.

Let’s Discuss Whether the Chinese Market has Anything to Do With the Current Bull Market…

Screenshot of Tradingview — 1D Chart: Orange — BTC & Blue — SSE

When we compare the Shanghai index chart to the bitcoin chart, we can see that the prices of both are moving in perfect sync.

Screenshot of Tradingview — 1D Chart: Orange — BTC & Blue — SPX

Yet, when comparing bitcoin to the SPX, the correlation between the two is not properly working.

Looking at the charts and what others are saying, it appears that the Chinese market has more influence over bitcoin at the moment.

Hong kong’s Budget

Hong Kong issued its budget a few days ago. In their budget speech, they stated that the $50 million savings fund will shortly be used to enhance the Web3 ecosystem.

Hong Kong will host a number of international seminars in order to further develop this Web3. They will promote the development of new projects and large industries through these seminars. The session will be open to young people.

As a result, Hong Kong will once again become a hub for cryptocurrencies, bringing in funds that will help it advance in the search for innovative technologies.

Why the Project Will Come

Several technology-related things, such as startups, fintech, and artificial intelligence, are supported by the financial infrastructure framework. The AI fever is spreading, and Hong Kong is the epicenter of AI development. In such a case, if someone wants to form a team of skilled individuals with crypto project technology and get financial backing, they will choose Hong Kong.

Hong Kong has played an important role in expanding the gaming industry’s demand. There are several local gaming studios in Game Development. Esports events and competitions are moving at a tremendous speed.

The most important aspect is that the majority of the gaming business selects this nation for game development. Their government sponsors and supports the gaming industry, thus they established the Digital Entertainment Industry Support Center, which provides essential resources to local game developers.

Tencent, Huawei, AIA Group, and Alibaba Group are all major players in Hong Kong.

Looking at all of this, web3, metaverse, and gaming have the potential to move extremely quickly since they do not need resources.

Listing

They have set criteria for listing cryptocurrencies, and they will not provide permission to list a coin with less than 1 million in liquidity. As a result, only high-quality coins will be traded in the market.

China has become more optimistic about the crypto market and based on bitcoin, it appears that the crypto industry will be bullish. On the other hand, whatever data the US economy has released, there are signs of increased market pressure.

Photo by Girma Nigusse on Unsplash

SEC

SEC Chairman Gary Gensler has made a statement about cryptocurrency. If there is any currency that is not bitcoin, which we call altcoin, it is considered a ‘security’ in the eyes of the SEC. Why does Gary say this?

According to Gary, there is no bitcoin website, no group of entrepreneurs behind bitcoin, no legal entity, and no business establishment of any type. Apart from bitcoin, all other cryptocurrencies, have their creator, website, and model, are visible. Just bitcoin, according to grey, is a digital asset. The SEC’s policy is quite strict.

The US Treasury Secretary has stated that the US does not intend to restrict bitcoin and cryptocurrency.

Gary Gensler has only spoken but the US court will decide it. If any crypto project gets Red Cross in US Court, then Gary Gensler’s words will come true that apart from bitcoin, all other coins are securities.

In the G20 meeting, cryptocurrency was also discussed. The IMF and FSB will work together on creating a formula for global crypto regulation.

Robert Kiyosaki

In his opinion, bitcoin is a commodity similar to gold and silver, and he believes that if cryptocurrency regulation is implemented, bitcoin will be the most widely traded currency.

He is an expert in global economic fundamentals; according to him, the price of bitcoin might reach $500,000 by 2025.

Bull Vs Dragon Vs Bear

Friends, many things are pointing in both positive and negative directions, so keep an eye on the chart. Trust the chart no matter how it appears, whether it is negative or positive. Have a neutral mindset so that the bull-bear-dragon can not control us.

Clap — Share — Comment — Happily ☺

Disclaimer

This is not a Financial Advice. This article is meant only for educational purpose. I am just sharing my thoughts and analysis based on my many years of experience.

Thank You for Reading…

↑ ↓ Brain Boosting …

Bitcoin
Cryptocurrency
Education
Finance
Investing
Recommended from ReadMedium