HKVAC Updates Crypto Indexes, Excludes Ripple’s XRP
In order to reflect market performance and industry partnerships, the Hong Kong Virtual Asset Consortium (HKVAC) has revised its crypto indexes, with Ripple’s XRP being notably excluded. HKVAC, a non-profit organization that rates digital asset trading platforms and compiles crypto market indexes, made this announcement in a recent statement. The revised indexes include the top five, top 10, and overall crypto indexes.
Solana Surpasses XRP, Prompting Index Change
A significant shift in the crypto market occurred in December 2023, as Solana (SOL) surpassed XRP in market capitalization and became the fourth-largest cryptocurrency. This played a crucial role in HKVAC’s decision to replace XRP with SOL in its top five global crypto index.
Avalanche Token Joins Top 10 Index
During the end of 2023, the Avalanche (AVAX) token saw a surge in value despite a general downturn in the crypto market. As a result, HKVAC added AVAX to its top 10 index. This inclusion coincided with partnerships being formed between traditional finance businesses like JPMorgan and Deloitte, and the Avalanche Foundation for asset tokenization initiatives.
New Cryptocurrencies Added to Global Large Crypto Index
HKVAC’s January statement highlighted the inclusion of new cryptocurrencies in its global large crypto index. These additions include Internet Computer’s ICP, Optimism (OP), Injective (INJ), and Immutable (IMX). These updates align with Hong Kong’s efforts to strengthen its position in the crypto industry.
Hong Kong Prepares for Spot Crypto ETFs
Following the US SEC’s approval of 11 spot Bitcoin ETF applications, Hong Kong’s financial regulator announced its readiness to welcome spot crypto exchange-traded funds (ETFs). The Hong Kong Securities and Futures Commission (SFC) stated that there has been an increasing demand for these products in the region, leading to the introduction of regimes that provide appropriate investor protection safeguards for offering certain virtual asset products to the Hong Kong public.
Hot Take: HKVAC’s Update Reflects Shifting Crypto Landscape
The recent update to HKVAC’s crypto indexes, particularly the exclusion of Ripple’s XRP, showcases the organization’s focus on market performance and industry partnerships. With Solana surpassing XRP in market capitalization and partnerships forming in the Avalanche ecosystem, these changes reflect the evolving crypto landscape. Additionally, the inclusion of new cryptocurrencies in the indexes highlights the growth of the industry. Hong Kong’s preparations for spot crypto ETFs further solidify its position as a crypto-friendly jurisdiction. These developments demonstrate the importance of staying informed about the evolving trends and changes in the crypto market.
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