CFX cryptoย tokens atย theย beginning spiked in price after Hong Kongโs decision on retail investors, which some say could lure financialย resources from Chinese investors.
Cryptoย Tokens of Conflux Network (CFX) โ an Asia-focused blockchainย tech that some have dubbed the โChinese Ethereumโ โ saw a spike in prices earlier amid increased attention from traders after Hong Kong decided to let retail investors trade cryptocurrency, which some say could fuel an influx of financialย resources from Chinese investors.
The price of the CFX cryptoย token atย theย beginning soared after the notice wasย created Tuesday, though that rally mostly faded. CFX rose to as high as 33 cents from the weekendโs 29 cents mark, before early buyers likely took profits and pushed prices down to 30 cents as of Wednesday morning.
Conflux is a speedy and cheap blockchainย tech that states to be the only regulatory-compliant public blockchainย tech in China. In the region, Conflux has collaborated with worldwide brands and Government entities on blockchainย tech and metaverseย network initiatives, including the city of Shanghai, McDonaldโs China and Oreos.
Conflux previously stated it will build blockchain-based SIM cards in partnership with China Telecom, the second- largest wireless carrier in China with an estimated 390 Million subscribers.
Regardlessย of the price surge, and numerous announcements regarding industry participation, on-chain data shows that transaction counts still havenโt passed highs set last fall, suggesting that the protocol hasnโt built out a sizeable userbase quite yet.
Conflux Network CTO Ming Wu informed CoinDesk in March that the protocol attemptedย to โtake the leading role toย assist Hong Kong and mainland China to carry out their expansions in the Webย 3.0 area.โ
The 1st BSIM pilot program in Hong Kong is expected thereafter inย theย year, with plans for similar pilots in key mainland China locations such as Shanghai.
Such a backdrop has led prominent Cryptocurrency Twitter community members toย begin assigning Conflux the โChinese Ethereumโ label, leading to a brisk boost in valuation in the past plentyย of months.
Since the start of inย theย year, Confluxโs marketย cap hasย beenย growing from $46 Million to nearly $650 Million now โ making CFX one of the best-performing tokens.
Several Asia-focused investors suggest Confluxโs indirect links to the Chinese market could position CFX as a proxy bet on the broader Asian market.
โConflux Networkโs partnership with state-backed telecom provider China Telecom is a clear positiveย tendency signal on the network retaining highly productive ties with influential organizations,โ Jeff Mei, chief operating officer of Taiwan-based cryptocurrency exchange BTSE, informed CoinDesk in a Telegram message.
โPlus, today we heard good news from Hong Kongโs SFC that retail cryptocurrency trading will be permitted under regulatory supervision. Althoughย while those regulations are restricted to Bitcoin and Ethereumย (ETH) for now, this series of positiveย tendency news for the Greater China region work highly in Confluxโs favor,โ Mei added.
