Hong Kong Rating Agency HKVAC Adds XRP to Top Index
Hong Kong’s rating agency, HKVAC, has announced that it is adding Hedera (HBAR), Maker (MKR), and Quant (QNT) to its key indexes. In addition, XRP has replaced Circle’s USD Coin (USDC) stablecoin in the top crypto indexes. The changes will come into effect on October 20.
Rebalancing Results and XRP’s Rise
The rebalancing results of the HKVAC Key Indexes and Market Indexes have been revealed. The top five large cryptocurrency indices now include BTC, ETH, USDT, BNB, and XRP. XRP’s rise to the top seems to be linked to recent developments in the U.S. SEC v. Ripple Labs lawsuit.
Additions and Removals in the Indexes
Hedera and Maker have been added to the HKVAC Cryptocurrency Global Large Market Cap Index, replacing Cryptonex (CNX) and Internet Computer (ICP). The total number of constituents remains unchanged at 30. Meanwhile, Cryptonex, Internet Computer, and HEX have been removed from the large market cap indexes.
Hong Kong Digital Assets Market Gains Attention
The launch of the HKVAC index has generated significant buzz in the global digital asset industry. Binance CEO Changpeng “CZ” Zhao expressed excitement about the developments in Hong Kong’s digital assets market. The institutional and retail landscape in Hong Kong is attracting attention amidst increasing regulatory scrutiny in other countries.
Hot Take: Hong Kong Embracing Digital Assets
Hong Kong’s rating agency HKVAC is making significant moves by adding new cryptocurrencies to its key indexes. The inclusion of XRP and the removal of USDC stablecoin indicate a shifting landscape in the crypto market. With the recent developments in the SEC v. Ripple Labs lawsuit, XRP’s rise to the top index is noteworthy. Hong Kong’s digital assets market is gaining attention and becoming a hub for innovation in the industry.
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