Bitcoin Climbs Above $27,000 Following Hong Kong’s Approval of Some Retail Crypto Trading
The cryptocurrency market saw a surge in prices on Monday after Hong Kong’s Securities and Futures Commission (SFC) greenlighted some retail crypto trading. Bitcoin, the world’s largest cryptocurrency by market capitalization, climbed back above $27,000, up 12% from its previous day’s low.
The SFC said in a statement on Friday that it had granted its first approval for a virtual asset trading platform operator under its regulatory framework for cryptocurrency exchanges. The SFC’s regulatory framework is one of the most stringent in the world and requires cryptocurrency exchanges to comply with anti-money laundering (AML) and counter-terrorist financing (CTF) requirements.
The move by the SFC has been viewed as a major step forward for the cryptocurrency industry in Hong Kong, where it has faced regulatory hurdles and uncertainty. The approval could lead to more retail investors entering the cryptocurrency market.
Bitcoin, which had been in a downward trend since hitting an all-time high of almost $65,000 in mid-April, has been showing signs of recovery in recent weeks. The cryptocurrency has been boosted by positive news from companies like Tesla, which announced in February that it had bought $1.5 billion worth of bitcoin, and investment firms like BlackRock, which have signaled an interest in cryptocurrencies.
In addition to the news from Hong Kong, investors are also looking forward to the upcoming Bitcoin 2021 conference in Miami, which is expected to attract some of the biggest names in the cryptocurrency industry.
The conference, which is scheduled to take place on June 3-5, is expected to be a major event for the cryptocurrency community, with speakers from some of the biggest names in the industry, including Twitter CEO Jack Dorsey, MicroStrategy CEO Michael Saylor, and Bitcoin pioneer Nick Szabo.
The conference is also expected to be a major event for the cryptocurrency market, with attendees from all over the world expected to converge on Miami to discuss the latest developments in the industry and to network with other investors and traders.
Overall, the approval of some retail crypto trading in Hong Kong is a major step forward for the cryptocurrency industry. With more and more companies and institutions showing an interest in cryptocurrencies, and with events like the upcoming Bitcoin 2021 conference bringing together some of the biggest names in the industry, the future looks bright for the cryptocurrency market.