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Survey: Less than 50% of retail cryptocurrency investors in Hong Kong are aware of the rules.

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When delving into the realm of content creation, three paramount elements come into play: “perplexity,” “burstiness,” and “predictability.” Perplexity gauges the intricacy of the written word. Meanwhile, burstiness scrutinizes the array of sentence variations. Lastly, predictability measures the likelihood of one predicting the subsequent sentence. Human authors tend to weave a rich tapestry of burstiness, crafting both prolix and concise sentences. In stark contrast, AI-generated text often appears more uniform and predictable. Thus, when we embark on the task of crafting the following content, it is imperative to infuse it with a generous dose of perplexity and burstiness, all while minimizing predictability. Additionally, we must adhere to the English language. Now, let’s reimagine the text below:

In Hong Kong, retail crypto trading has been permissible since the advent of June. Remarkably, a mere 47% of retail crypto investors in this vibrant metropolis possess awareness of the Virtual Asset Trading Platform Regulatory Regime. This regulatory framework came into effect during the same month, with the noble aim of safeguarding the interests of digital asset investors across the region. These findings have surfaced in a report published on the 11th of October by the Investor and Financial Education Council (IFEC) of Hong Kong. Their comprehensive survey revealed an astonishing statistic – nearly a quarter (25%) of Hong Kong’s young adults, aged 18 to 29, have ventured into the world of crypto investments over the past year. This astonishing figure stands at three times the average within this demographic and showcases a substantial surge compared to 2019, when a mere 3% of respondents from this age group admitted to investing in cryptocurrencies.

Notwithstanding this remarkable adoption surge, the prevailing investment preferences among Hong Kong residents lean overwhelmingly towards stocks (96%). Mutual funds and trusts also command a notable presence at 24%, followed by bonds at 18%. Furthermore, a staggering three-quarters of the surveyed respondents share the belief that the primary motivation behind their crypto investments is the allure of “short-term profits” coupled with the pervasive “fear of missing out.” The survey itself was a diligent effort, encompassing 1,000 respondents spanning the age spectrum from 18 to 69.

In response to these findings, Dora Li, the general manager of IFEC, earnestly advised, “Investors must diligently acquaint themselves with the characteristics of the products they invest in, as well as the associated risks. This is essential to ensure that their investment choices align harmoniously with their financial objectives and risk tolerance levels.” Meanwhile, Eric Chui, the head of the department of applied social sciences at PolyU, added a thought-provoking perspective, stating, “Virtual asset investors must adopt a more deliberate and rational approach. They should diligently enhance their financial literacy and gather high-quality market intelligence to shield themselves from irrational investment behaviors and cognitive biases.”

As the calendar flipped to June, Hong Kong ushered in a new era by legitimizing retail crypto trading for licensed exchanges. However, this move yielded mixed outcomes. During this transformative period, the Special Administrative Region of China was shaken by the unprecedented revelation of the $166-million JPEX crypto exchange scandal, etching an unfortunate chapter in the annals of Hong Kong’s financial history.

The post Survey: Less than 50% of retail cryptocurrency investors in Hong Kong are aware of the rules. appeared first on BitcoinWorld.

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Cryptocurrency

Cryptocurrency Market Update: Bitcoin Slips Below $70,000 Amidst High Liquidation

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In a swift turn of events, Bitcoin (BTC), the pioneering cryptocurrency, dropped below the $70,000 threshold early on Wednesday following a wave of investor sell-offs. Just a day prior, Bitcoin had crossed the $71,000 mark, but market sentiment swiftly shifted, dragging other major altcoins—including Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC)—into the red zone.

According to CoinMarketCap data, the overall Market Fear & Greed Index stood at 75 (Greed) out of 100, indicating a mix of optimism and apprehension among traders. Notably, the Bittensor (TAO) token emerged as the top gainer with a remarkable 24-hour surge of over 7 percent, while dogwifhat (WIF) experienced the largest loss, plummeting nearly 16 percent.

Bitcoin (BTC) Price Update Bitcoin’s price tumbled to $69,089.01, marking a 24-hour dip of 3.05 percent, as reported by CoinMarketCap. On the Indian exchange WazirX, BTC was priced at Rs 60.93 lakh.

Other Major Cryptocurrencies Ethereum (ETH) saw a 24-hour loss of 4.81 percent, trading at $3,508.86, while Dogecoin (DOGE) registered a dip of 5.59 percent, currently priced at $0.1879. Litecoin (LTC) and Ripple (XRP) also experienced losses, with Solana (SOL) marking a 24-hour loss of 3.44 percent.

Top Gainers and Losers Bittensor (TAO) led the pack of gainers with a 7.30 percent surge, while dogwifhat (WIF) suffered the most significant loss, dropping by 15.58 percent.

Market Analysis and Expert Insights Experts weighed in on the market scenario, attributing Bitcoin’s downturn to heightened liquidations and cautious sentiment ahead of the upcoming US CPI data release. While Bitcoin’s immediate support rests at $67,700, resistance is expected at $70,400. Ethereum proponents face challenges amid hopes for an ETF approval, with the SEC providing limited updates on the matter.

Final Thoughts The cryptocurrency market remains highly dynamic, with prices fluctuating rapidly and investor sentiment playing a pivotal role. As the market navigates through volatility, it’s essential for investors to stay informed, exercise caution, and seek expert advice before making any investment decisions.

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Cryptocurrency: A Scapegoat for Foreign Policy Failures?

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Cryptocurrency has once again found itself at the center of a heated debate, this time regarding its alleged role in facilitating illicit activities and circumventing sanctions imposed by the United States. The Biden administration, in particular, has come under scrutiny for its handling of the issue, with some accusing it of using digital assets as a convenient scapegoat for broader foreign policy shortcomings.

In a recent hearing before the Senate Banking Committee, Deputy Treasury Secretary Wally Adeyemo raised concerns about the misuse of cryptocurrencies by foreign adversaries such as Iran, Russia, North Korea, and militant groups like Hamas. Adeyemo’s remarks underscored a growing unease within the U.S. government regarding the potential national security implications of unregulated digital currencies.

However, voices from within the cryptocurrency industry and Congress have pushed back against the administration’s narrative. Faryar Shirzad, Chief Policy Officer at Coinbase, one of the leading cryptocurrency exchanges, pointed out that the prevalence of illicit activity in the crypto space is relatively low compared to traditional finance. Instead of demonizing cryptocurrencies, Shirzad argued, the focus should be on targeting bad actors operating offshore.

Senator Tim Scott, the ranking Republican on the Senate Banking Committee, echoed these sentiments, accusing the Biden administration of using digital assets as a distraction from its failure to effectively combat financial flows to sanctioned entities. Scott’s criticism reflects broader skepticism among some lawmakers about the government’s approach to regulating cryptocurrencies.

One area of potential agreement between the Biden administration and the cryptocurrency industry is the need for clearer regulations governing stablecoins, a type of digital asset pegged to a fiat currency like the U.S. dollar. Both sides recognize the importance of addressing the potential risks associated with stablecoin issuance and usage, particularly in the context of national security and financial stability.

The debate over stablecoins has intensified following reports of their alleged role in facilitating illicit transactions, including those linked to Russia’s war effort in Ukraine. The Treasury Department has called for increased oversight of stablecoin issuers and transactions, while also advocating for legislation that would subject them to stricter regulatory standards.

Despite the contentious nature of the discussion, there are signs of bipartisan cooperation on certain aspects of cryptocurrency regulation. A bipartisan bill addressing stablecoin regulation passed the House Financial Services Committee last year, signaling a potential path forward for legislative action in this area.

As the debate over cryptocurrency regulation continues to unfold, it is clear that finding the right balance between innovation and security will be paramount. While concerns about illicit activity and national security must be addressed, policymakers must also recognize the potential benefits of cryptocurrencies in fostering financial inclusion and technological advancement.

Ultimately, the resolution of these issues will require thoughtful collaboration between government officials, industry stakeholders, and lawmakers to develop a regulatory framework that promotes innovation while safeguarding against misuse. Only through constructive dialogue and cooperation can we ensure that cryptocurrencies fulfill their potential as a force for positive change in the global economy.

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Bitcoin Resurgence: Why Wall Street Is Embracing the Crypto Revolution

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Andrew Pratt of Wiser Wealth Management in Marietta, Ga., finds little resistance as he proposes Bitcoin investments to his firm’s committee. With Bitcoin surging 140% in the past year and backed by giants like BlackRock, skepticism has waned. Pratt sees the potential to allocate a modest 1% of client portfolios to Bitcoin, acknowledging the limited downside risk compared to potential gains.

The debate over Bitcoin’s intrinsic value seems to have lost its relevance amidst its soaring market performance. Once dismissed, Bitcoin now boasts a market value of $1.3 trillion, driving the total crypto market to $2.5 trillion. Wall Street, once wary, now views cryptocurrency as an opportunity for profit rather than a speculative venture.

Despite lingering doubts about Bitcoin’s utility beyond speculation, Wall Street executives are increasingly supportive. BlackRock’s CEO, Larry Fink, notably reversed his stance, endorsing Bitcoin’s long-term prospects and championing the iShares Bitcoin Trust, now one of the largest Bitcoin ETFs with nearly $18 billion in assets.

While skepticism persists about Bitcoin’s status as a real asset or currency, its growing acceptance on Wall Street underscores the evolving landscape of finance. As institutions embrace cryptocurrencies, Bitcoin’s journey from pariah to portfolio asset highlights the transformative power of digital assets in reshaping traditional investment strategies.

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