First Mover Asia: Bitcoin Slides; Mixed Crypto Legacy in Hong Kong for the FCA’s Incoming CEO

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Share on whatsapp
WhatsApp
Share on telegram
Telegram

Where Ted Talks end, Truth Talks begin.
Defending democracy by defending free speech

Opinion pieces don’t necessarily reflect the position of our news site but of our Opinion writers.

First Mover Asia: Bitcoin Slides; Mixed Crypto Legacy in Hong Kong for the FCA’s Incoming CEO

By Sam Reynolds, Bradley Keoun, Greg Ahlstrand

Bitcoin slides for third day, heads back down toward $20K.

Prices: Bitcoin (BTC) slides for a third day, once again threatening to fall below the crucial $20K mark.

Insights: Ashley Alder’s mixed crypto legacy in Hong Kong does not bode well for the industry in the U.K.

Prices

Bitcoin (BTC): $20,824, -3.5%

Ether (ETH): $1,165, -4.2%

Biggest Gainers

Asset Ticker Returns DACS Sector
Terra LUNA +0.2% Smart Contract Platform

Biggest Losers

Asset Ticker Returns DACS Sector
Polkadot DOT −6.1% Smart Contract Platform
XRP XRP −5.7% Currency
Chainlink LINK −5.4% Computing

The week ahead: U.S. inflation report due; economists assess impact of Abe assassination

Crypto markets weakened over the weekend, with bitcoin sliding for a third straight day and falling back toward $20,000 as of press time on Sunday.

Some analysts are now pinning $17,000 as a key market support level.

“We continue to expect choppy price action,” said Joe DiPasquale, CEO of BitBull Capital, in an email. “More strong bidding around the $17K level, if bitcoin falls there again, will be a strong signal for the bulls and may indicate the formation of a potential bottom around that price.”

Traders this week will be watching for the latest U.S. consumer price index reading, expected Wednesday. The report could influence market expectations over the Federal Reserve’s next move, at a meeting later this month; as of the last reading, inflation was at its fastest in four decades.

One point of consideration: This past Friday’s report on U.S. jobs growth in June has alleviated some concerns that the country is already in a recession; that should make it easier for the Federal Reserve to proceed with interest-rate increases of 75 basis points (0.75 percentage point), or three times as fast as in past rate-hiking cycles.

As CoinDesk’s George Kaloudis wrote Sunday in his Crypto Long & Short column: “A 75 basis point increase to interest rates in July is basically a foregone conclusion at this point.”

And Oanda Senior Market Analyst Ed Moya wrote last week: “If inflation delivers another upside surprise, the September meeting could see expectations fully priced in a half-point rate increase but that could easily go up to 75 basis-points.”

Bank of Japan watchers are assessing what the assassination of former Japanese Prime Minister Shinzo Abe might imply for the nation’s monetary policy, according to Bloomberg. Abe had been a strong advocate for ultra-easy financial conditions in the face of the country’s economic stagnation.

Markets

*Friday July, 8:

S&P 500: 3,899 -0.8%

DJIA: 31,338 -0.1%

Nasdaq: 11,365 -0.1%

Gold: $1,741 -1.3%

Insights

Ashley Alder’s Mixed Crypto Legacy in Hong Kong

By Sam Reynolds

The U.K’s Financial Conduct Authority (FCA), the nation’s financial watchdog, announced Friday that Ashley Alder, the CEO of Hong Kong’s Securities and Futures Commission, will assume the post of chair in January 2023.

While Adler has a long list of accomplishments regulating Hong Kong’s traditional finance securities market, his curriculum vitae isn’t as stellar when dealing with crypto.

Certainly part of that is out of his control. As CoinDesk previously reported, the “long shadow” of China hangs over Hong Kong. China’s prohibition on crypto trading and Beijing’s fast erosion of Hong Kong’s separate and autonomous legal system has chilled interest in the industry, and forced what interest there is into the narrow licensing regime that does exist.

Hong Kong’s recently passed licensing regime for exchanges, which is overseen by Adler’s SFC, excludes non-accredited investors from trading on these exchanges (called Virtual Asset Service Providers, or VASPs, per local terminology). For as much criticism as the U.S. Securities and Exchange Commission’s Gary Gensler gets, this is never something that the SEC has considered.

Secondly, any exchange that serves Hong Kong, even if located abroad, would need to comply with these same licensing requirements.

Treated as a Security

Perhaps the bigger issue with the SFC’s treatment of crypto is the regulator treats it as a security. This is especially going against the grain when global regulatory trends have backed away from treating all crypto as securities and are only looking for specific instances instead.

The SFC’s bill requires exchanges to hold a “Type 1” license, which is used for dealing in securities.

Hex Trust’s Alessio Quaglini has complained before that requiring this sort of license is akin to forcing a square peg into a round hole because of the uniqueness of the digital assets industry. Hex has been awarded licenses in both Singapore and Dubai with the intent to open more offices abroad.

So while Alder’s TradFi regime saw Hong Kong lauded as one of the world’s freest economies by libertarian-leaning think tanks, that same assessment can’t be made for the future of finance. FTX voted with its feet and left the city, and only one firm, OSL, has bothered to get the license.

It’s not yet known who will replace Alder, but it’s unlikely to be someone who wants to take a balanced and fair approach to crypto.

Opinion pieces don’t necessarily reflect the position of our news site but of our Opinion writers.

*Note We Deliberately Miss Spell Some Words or Add Capital Letters To Get Around Big Tech Censoring.

Support the ANR from as little as $50 – it only takes a minute. If you can, please consider supporting us with a regular amount each month. Thank you.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Share on whatsapp
WhatsApp
Share on telegram
Telegram

Related News

Where Ted Talks end, Truth Talks begin.
Defending democracy by defending free speech

Subscribe for free to our ANR news emails and access 2 free ebooks plus Reports to share with family and friends about Covid fraud and the danger of the vaccines.

Help us help defend free speech and save democracy from the World Economic Forum planned Totalitarian Great Reset.

and help us expose the Covid Fraudsters

Leave a Reply

Your email address will not be published.

Play Video

McIntyre Report
Political Talk Show

Episode 146

How you can advertise on Truthbook.social

Jamie McIntyre
TruthBook.social Videos

Help us help defend free speech and save democracy from the World Economic Forum planned Totalitarian Great Reset.

and help us expose the Covid Fraudsters

Ukraine. Military Summary And Analysis 06.10.2022

Raw Report

Ryan Jackson Saw show

in USD

in AUD

in GBP

in CAD

Jamie McIntyre

ANR on

Currency Exchange Rates in AUD

Live and updated every minute of the day

Nurses Speak Out

Get our free News Emails on latest articles, alerts and solutions for both legal templates and ways to help fight back against the Globalists vax Mandates , and health resources to boost your immune system and ways to Protect from deadly EMF 5G radiation and more.

FREE E-BOOKS AND REPORTS ALSO

ANR Meme Report

with Nadine Roberts

Episode 002

21st Century Political System

Play Video

Editor's Pick

Thank you for visiting the
Australian National Review

To continue accessing more articles for free simply enter your email address

TruthTalks business partnership

Ideal for freedom movement activists, influencers, digital nomads, content creators and those who refuse to be silenced and want to expose the Globalists Agenda .

Truth Talks Partner Opportunity

Click here to learn more about this opportunity and how 12 online clients per year can earn you $203,000 USD per annum

Download the Full PDF - THE COVID-19 FRAUD & WAR ON HUMANITY