Leak Reveals ‘Enormous’ China Earthquake Could Be About To Hit The Price Of Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Polygon And Solana

27 June 2023

in XRP

Reading Time: 5 mins read

BitcoinBTC, ethereum and other major cryptocurrencies—including BNBBNB, XRPXRP, cardano, dogecoin, polygon and solana—have exploded back into the limelight this month (just as the IMF made a surprise crypto about-face).

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The bitcoin price has seen its price almost double this year despite growing fears a U.S.-led crypto crackdown could be about to escalate. EthereumETH and other top ten coins BNB, XRP, cardano, dogecoin, polygon and solana have also surged but have mostly failed to keep pace withe bitcoin—as bullish investors make huge price predictions.

Now, the chief executive of the stablecoin issuer Circle, Jeremy Allaire, who oversees the $28 billion USDCUSDC stablecoin, has said he sees “enormous demand” for digital assets in emerging markets, with China and Asia at the “center.”

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crackdown in the country that hit the price of bitcoin, ethereum, BNB, XRP, cardano, dogecoin, polygon and solana in 2021.

AFP via Getty Images

“Hong Kong is clearly looking to establish itself as a very significant center for digital assets markets and stablecoins and we are paying very close attention to that,” Allaire told Bloomberg at the World Economic Forum in Tianjin, China, calling Asia a “huge area of focus” for the company. “We see enormous demand for digital dollars in emerging markets and Asia is really center of that.”

This month, Hong Kong, a special administrative region of China, began a new crypto licensing regime that is expected to open the city up to bitcoin, ethereum and crypto trading. The move comes amid a crypto crackdown in the U.S. that’s sent some of the biggest U.S. bitcoin and crypto companies scrambling to find new homes around the world.

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“What’s happening in Hong Kong may be a proxy for ultimately how these markets grow in greater China,” Allaire said.

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This week, a leak revealed HSBCHBA Hong Kong, the city’s biggest bank, has reportedly begun allowing its customers to trade bitcoin and ethererum exchange-traded funds (ETFs) listed on Hong Kong’s stock exchange.

“The move will expand local users’ exposure to cryptocurrencies in Hong Kong,” local journalist Colin Wu posted to Twitter alongside leaked images.

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crypto crackdown in 2021 but has since rebounded. Ethereum and top ten coins BNB, XRP, cardano, dogecoin, polygon and solana have climbed with bitcoin this year.

Forbes Digital Assets

HSBC’s bitcoin, ethereum and crypto ETF news comes as the U.S. Securities and Exchange Commission (SEC) comes under renewed pressure to approve a U.S. spot bitcoin ETF following an application from the world’s largest asset manager, BlackRock.

The SEC has so far denied all such previous spot bitcoin ETF applications and remains at war with many crypto companies in the country, accusing some of the largest of allowing the trading of unregistered securities.

“The crypto market is proving remarkably resilient in light of recent SEC announcements, with bitcoin seeing a 13% rally in the last week,” Katharine Wooller, a director at crypto security company Coincover, said in emailed comments.

“The 30-day low has now seen prices rise from $25,000 to $31,395 with bitcoin dominance at a high for the year as traders pursue a flight to quality. For long-term holders, bad news from a regulator is far from unusual, and the U.S. is only a small market for a truly global asset. With proper protection for digital assets and regulatory frameworks being established in a number of jurisdictions, reputable crypto is firmly in ‘business as usual’ territory.”

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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com.
Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.