Category: Cryptocurrency News

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As June 1 draws closer and the Hong Kong and Chinese investors look forward to legally trading cryptocurrencies once more, the market has already turned bullish. So far, Chinese coins have led the pack when it comes to gains, so here are three of the most popular Chinese tokens likely to rally if the bullish trend continues. Neo (NEO) Neo (NEO) has long been a favorite of Chinese investors and is often fondly referred to as the “Chinese Ethereum.” The cryptocurrency is one of the leading coins from the region so it is no surprise to see that it has moved back into the spotlight as retail traders are set to begin trading cryptocurrencies in Hong Kong on June 1. Related Reading: Bullish Case For Litecoin Grows Stronger As LTC Halving Draws Close The past week has already been profitable for its investors with 13.95% gains already recorded on the weekly chart. In the past day as well, the digital asset has seen gains of 3.34%, but there is still a lot of ground to cover before trading goes live. So NEO could present as a good choice for investors looking to take advantage of the new bull rally being led by Chinese investors. NEO price recovers above $11 | Source: NEOUSD on TradingView.com Conflux (CFX) Conflux (CFX) is one of the top Chinese coins for investors to keep an eye on during this time. Conflux is a blockchain company based in China and its native token CFX has seen much success this year. However, the drawdown in the price of the coin in the last month has not deterred investors and as the Chinese narrative gains ground, the token has grown as well. Just like NEO, the last week has been a good one for CFX whose price has risen 9.96% to bring its price above $0.32 once more. The coin’s trading volume also crossed $117 million in a 24-hour period, indicating that investors are always investing in this token ahead of the anticipated June 1 date. VeChain (VET) VeChain (VET) is one of the oldest blockchains in the space which was founded in 2015, the same year as Ethereum. And although VeChain hasn’t grown as much as Ethereum, it hasn’t been stagnant either and has become one of the foremost Chinese coins, making it a perfect candidate for those looking to take advantage of the present narrative. Related Reading: Elon Musk Reveals Reason Behind Dogecoin Investment, But Why Is DOGE Down? Although VET hasn’t performed as well as the others on this list, it is up nonetheless with 5.58% gains in the last week. It is also seeing a modest upside of 1.67% on the 24-hour chart, but the promise of more gains remains vast as the last two days leading up to June 1 could see these coins heat up very fast. If the trend continues, then VET could be looking at breaking the $0.03 resistance before the week is over. China And Crypto China banned cryptocurrencies in 2021 when the price of Bitcoin had rallied to $60,000. This move triggered a crash in the market, from which Bitcoin recovered not too long after, but it left Chinese investors unable to adequately participate in a market that they had previously dominated. That is, until now that Hong Kong has made a move. Related Reading: When Is A Token Coming For Coinbase’s Base L2? Here’s What The Roadmap Says The country passed a new law that would allow crypto exchanges to offer services to investors, making it possible for them to participate in the market once more. This gives investors in China an avenue to trade cryptocurrencies without being worried about breaking the law. It is set to go into effect on June 1, less than three days from now. As this date draws closer, a study by Forex Suggest has shown that Hong Kong is the most crypto-ready country in the world. However, it remains to see how this event will play out in the crypto market. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from Blokt, chart from TradingView.com

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Bitcoin is finally seeing some green after trading at a loss over the past two weeks. The cryptocurrency continues to trade within a tight range, but activity in the options market could hint at a potential run toward new highs. Related Reading: No All-Time High For Bitcoin In 2023, Former BitMEX Head Arthur Hayes Predicts As of this writing, Bitcoin (BTC) trades at $27,900 with a 2.5% profit in the last 24 hours. Over the last week, the cryptocurrency has seen twice the profits recording a 4.4% performance. Other cryptocurrencies in the top 10 by market cap are experiencing similar momentum. Bitcoin Options Hint At Fresh Rally? Data from crypto options trading platform Deribit indicates a drop in Implied Volatility (IV). This metric measures the expectation of future price movements by market participants. IV has been trading sideways over the past month, with a tendency to the downside. Deribit claims that growing uncertainty in the crypto market and the macroeconomic landscape is fueling the current dynamic on this metric, which translates into slow price action for BTC and crypto. As the price of Bitcoin retraces, option buyers have been selling their contracts. When the opposite happens, and BTC sees an uptick, options sellers dump their contracts. This dynamic has put “constant selling pressure” on the IV and contributed to suppressing the BTC spot sector. However, the upcoming U.S. debt ceiling, the date this country could default on its national financial commitments, could change the status quo. The narrative around this event hints at a further appreciation for BTC and risk-on assets. Today, equities and crypto rallied as key political factions in the North American country reached a tentative agreement that could avert a crisis across the financial world. Over the weekend and into today’s development, Deribit noted that maturity for BTC options turned profitable. The exchange also saw aggressive calls buying as the landscape signals profits for the cryptocurrency and prices return north of $27,000. This large player bought calls (buy orders), betting that BTC could hit $34,000 somewhere in July/August 2023, as seen on the chart below. Related Reading: Polkadot Experiences Correction After Reaching $5.54: What’s Next In Store? Deribit stated in a market update: Sub 7day ATM-28k Calls + July 31k Calls bought bravely ahead of the long weekend Theta turned profitable as Debt-ceiling talks progressed and a large DSOB buyer of July+Aug 34k Calls aggressively accumulated at higher prices just prior to Spot slicing through 27.3k and now 28k Cover image from Unsplash, chart from Tradingview

According to Representative Warren Davidson, legislation to address the U.S. debt ceiling blocks “proposed taxes,” including a 30% tax on electricity used by crypto miners.

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Laotian Prime Minister Sonexay Siphandone chaired the inaugural Ministerial Conference on Blockchain 4.0 Digital Transformation.

Tether (USDT) is the largest stablecoin in the market, with a market capitalization of over $86 billion as of May 2023. Despite the concerns about the current state of the cryptocurrency market, Tether has continued to dominate the stablecoin space, with its supply growing significantly since the beginning of 2023. However, there are signs that new competitors may challenge its dominance in the future. Related Reading: Bitcoin Rally Hopes Still Alive, If This Metric Is To Go By USDT’s Reign Over? According to the researcher and founder of DeFiance Capital, ArthurOx, one factor that may limit Tether’s growth is the emergence of new stablecoins. As investors become more concerned about the risks associated with Tether, they are likely to seek alternatives that offer greater transparency and accountability.  For example, USDC (USD Coin) is a stablecoin fully backed by US dollars held in reserve by regulated financial institutions, and its supply has been growing rapidly in recent years. Another factor that may limit Tether’s growth is the emergence of decentralized stablecoins. These stablecoins are built on blockchain platforms, offering a decentralized alternative to centralized stablecoins like Tether.  Decentralized stablecoins eliminate the need for a central authority to manage the reserves, as the reserves are held in smart contracts on the blockchain. This offers high transparency and security and eliminates the risk of a central authority mismanaging the reserves or engaging in fraudulent activities. One example of a decentralized stablecoin is DAI, built on the Ethereum blockchain. DAI is backed by a basket of cryptocurrencies held in smart contracts on the blockchain. This ensures that the value of DAI remains stable while offering high transparency and security. In addition to these factors, there are also regulatory risks associated with Tether. The stablecoin has come under scrutiny from regulators in the US and other countries, with some calling for greater transparency and oversight. If regulators impose stricter regulations on Tether, this could limit its growth and open up opportunities for other stablecoins to gain market share. Tether And USDC Show Resilience Amid US Debt Ceiling Drama According to a recent report by Kaiko, USDT and USDC have shown little volatility amid the ongoing drama surrounding the US debt ceiling. Despite concerns over a potential US default, USDT and USDC saw little to no price movement over the past two weeks. This suggests that the markets did not view default as the base case scenario and that investors remained confident in the stability of these stablecoins. Interestingly, USDT and USDC have increasingly been trading in tandem during periods of market stress. For example, when Binance temporarily halted withdrawals for Bitcoin (BTC) earlier this month due to network congestion issues, both stablecoins rose above $1, as seen in the chart above. This suggests that USDC may have gained some safe-haven appeal as U.S. banking troubles eased. The resilience of USDT and USDC during the debt ceiling drama reflects a wider trend in the cryptocurrency market, where stablecoins have become an increasingly popular way for investors to hedge against volatility. Related Reading: Bearish Sentiment Hits EOS As Bulls Lose Control, What Lies Ahead? These developments underscore the growing importance of stablecoins in the cryptocurrency ecosystem. As more investors seek to hedge against market volatility and regulatory uncertainty, the demand for stablecoins will likely grow. Moreover, the emergence of new decentralized finance (DeFi) applications that require stablecoins as a means of exchange and collateral is also fueling demand. Featured image from Unsplash, chart from TradingView.com