Good morning Asia, here's how the markets are moving today: 1. Bitcoin and ether are both flat as Asia starts its business day. 2. How much of the crypto economy is headed to Hong Kong? thesamreynolds and JPRubin23 write
Looking ahead to the next week there are a number of economic events that should spur traders’ interest.
Stefan Rust, a crypto investor and CEO of data aggregator TruFlation suggested that traditional finance may be approaching a tipping point amid multiple bank failures in the U.S. and near meltdowns at two banking giants in Switzerland and Germany, and that investor worries lie at the root of this week's surge in crypto prices.
He added:"Indeed, there already seems to be a demand to move some of this across into bitcoin and Ether on-chain, which could explain some of the recent price rises - especially as former SVB clients are receiving their savings back from the FDIC right now." The byproduct of this turn of events could benefit Hong Kong, whose leading financial regulatory agency, the Securities and Futures Commission , has recently proposed. The SFC is seeking public comment on the rules, which could establish a new licensing regime for crypto service providers and allow licensed platforms to serve retail investors under certain protections.
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