Hong Kong Securities & Futures Commission concluded its consultation about crypto trading platforms regulation a week ago. Meanwhile, the move has opened the doors for retail investors to participate in crypto trading, concurrently promoting cryptocurrency adoption.
However, Hong Kong highlighted that retail players could only trade top assets, including Bitcoin and Ethereum, citing volatility. Also, investors would only access trading offerings on selected cryptocurrency exchanges.
Meanwhile, these development comes as the United States exhibit an unwelcoming atmosphere for crypto, considering regulation uncertainty. Nonetheless, that has been positive for China-related projects as they witness a substantial demand surge.
Hong Kong’s move to allow retail investors to trade crypto has sparked demand for Chinese crypto tokens, including Conflux (CFX), VeChain (VET), and Filecoin (FIL).
Filecoin
Filecoin trades with a bearish bias during this writing, with a resistance trendline controlling its price actions. The altcoin crashed by 50.8% following reversals from this resistance on 19 February. That had it plummeting to its current level of $4.6.
Nonetheless, trend reversals are usual for financial assets. Filecoin will likely capitalize on market optimism to re-challenge the mentioned resistance. A massive upsurge from the line will shift the market trajectory, attracting dip buyers. That can see FIL skyrocketing beyond the $10 value area.
Conflux
Conflux (CFX) has been in a correction mood since 19 March. The downward wave remained between converging lines, forming a falling channel setup. While publishing this content, the alt traded at $0.32, re-challenging the pattern’s resistance zone.
Flipping the hurdle will welcome solid uptrends, presenting an entry opportunity for buyers. Meanwhile, a breakout rally can see CFX surging over 50% to $0.487.
VeChain
VeChain price exhibits sideways actions on the daily chart, printing an inverted head-shoulder formation. This setup often emerges during a market bottom and catalyzes substantial surges after completion. Such an event can see the token surging over 50% to overcome the neckline resistance.
Nonetheless, beware of the crypto market’s volatile nature whenever interacting with any asset. Enthusiasts should keep watching the latest crypto news to identify potential market drivers. Invezz.com reported economic events that will influence market trends in the coming week.
Source : https://invezz.com/news/2023/05/29/chinese-coins-see-increased-demand-as-hong-kong-embraces-crypto/
