$BTC 24 Hour High $20,917.01
$BTC 24 Hour Low $20,461.72
$ETH 24 Hour High $1,639.68
$ETH 24 Hour Low $1,563.28
Happy Monday from HKbitEX! Highlights from the week:
- Hong Kong plans to legalize retail crypto trading to become hub Coinbase
- Elon Musk closes $44bn deal for Twitter
- Central Bank of Turkey plans to launch a CBDC in 2023
- Singapore proposes crypto rules to bolster consumer protection
The $BTC and $ETH market
Dogecoin’s show is on this week as the original memecoin being up by triple-digits on a weekly scale ever since Elon Musk’s acquisition of Twitter. Meanwhile, BTC has also been on a roll for the past several days. On Tuesday, the primary cryptocurrency jumped to and beyond $20,000 as the dollar weakened and rate hike expectations eased. The only drop came right after the European Central Bank (ECB) announced the latest interest rate hike pushing BTC from $21,000 to just over $20,000.
Following the recent recovery of Bitcoin, ETH jumped 18% to $1.5k and is now showing strength after months of bearish price action.
Game is on…
Last week, fan tokens of the Peruvian national football team, Spain’s national team and Brazil’s national team have rallied 29%, 17% and 12%. These fan tokens are issued on blockchain-based fan rewards platforms such as Socios and Bitci.
A token called World Cip Inu surged some 500%, with others like CHAMPS and world cup token gaining at least 200%. The fan token market is likely to become more active than ever in the coming weeks.
After the Mango Markets exploit last week, Compound protocol paused the supply of four tokens as leading collateral to protect it against any price manipulation.
MakerDAO community voted to approve the custody of $1.6 billion USD coin with the institutional brokerage platform Coinbase Prime.
The NFT ticketing and experience platform SeatlabNFT has partnered with Elrow Dubai to become their exclusive VIP ticketing provider. This means all VIP tickets will be issued as NFTs — with digital collectibles, airdropped rewards and on-site gamified interactive blockchain installations also on offer.
Mainstream adoption & What’s in the news…
Hong Kong is pivoting toward a friendlier regulatory regime for cryptocurrencies with a plan to legalize retail trading, contrasting with the city’s skeptical stance of recent years and the ban in place in mainland China. A planned mandatory licensing program for crypto platforms set to be enforced in March next year will allow retail trading, according to people familiar with the matter, who asked not to be named because the information isn’t public.
The world's richest man, Elon Musk, has completed his $44bn takeover of Twitter, according to a filing with the US government. "The bird is freed," he tweeted, referencing Twitter's bird logo in an apparent nod to his desire to see the company have fewer limits on content that can be posted. The CEO of electric car maker Tesla and self-described free speech absolutist has, however, also said he wants to prevent the platform from becoming an echo chamber for hate and division.
Turkey’s Presidential Annual Program for 2023, presented on Monday by the Presidential Strategy and Budget Directorate, contains the discussion of a central bank digital currency. The announcement came a year after Turkey's central bank announced in September 2021 that it was considering issuing a CBDC to complement its existing payments infrastructure, in a project entitled “Central Bank Digital Turkish Lira Research and Development.”
The Monetary Authority of Singapore (MAS) published two consultation papers proposing regulatory measures to reduce the risk of consumer harm from cryptocurrency trading and to support the development of stablecoins as a credible medium of exchange in the digital asset ecosystem. These measures will be part of the Payment Services Act.