Bitcoin price sees a 2% increase following Hong Kong’s announcement to allow retail trading of some crypto assets from June 1, but Hong Kong remains a tough jurisdiction for crypto in many ways, partly due to pressure from mainland China.
Bitcoin saw a modest bump following the latest information that Hong Kong will be relaxing cryptocurrency trading. Nonetheless, so far, the OG digital currency looks set for a less-than-exciting May.From a regulatory standpoint, Hong Kong is still a tough jurisdiction for cryptocurrency in numerous ways. Partly because of pressure from mainland China.
BTC’s price has pumped in reaction to the latest information that Hong Kong is taking a pro- cryptocurrency direction, reports by a CNBC report. On Tuesday, Hong Kong’s Securities and Futures Commission announced it will allow retail trading of some cryptocurrency assets from June 1.
Hong Kong Drives Rally
Bitcoin pumped from around $26,800 at 1:10 a.m. UTC to $27,384 just over two hours thereafter. An increase of over 2%, reports by CoinMarketCap. Bitcoin (BTC) has been struggling to break the $27,000 mark since last Thursday.
The world’s oldest digital currency has followed negative trends for most of May. Despite the fact that it is still well over the approximately $16,500 it entered the year with.
Bitcoin (BTC) likewise did not see a much-anticipated “Pizza Day” spike. Pizza Day celebrates the yearly anniversary of the 1st ever real-world transaction using Bitcoin, where 10,000 units were exchanged for two pizzas on May 22, 2010.
Still Bitcoin (BTC) is still seeing a prolonged period of dominance compared to other digital currencies, sitting over 45 percent since the beginning of March.