BTC saw a modest bump following the news that Hong Kong will be relaxing crypto trading. However, so far, the OG cryptocurrency looks set for a less-than-exciting May. From a regulatory standpoint, Hong Kong is still a tough jurisdiction for crypto in many ways. Partly as a result of pressure from mainland China.
Bitcoin’s price has pumped in reaction to the news that Hong Kong is taking a pro-crypto direction, according to a CNBC report. On Tuesday, Hong Kong’s Securities and Futures Commission announced it will allow retail trading of some crypto assets from June 1.
Hong Kong Drives Rally
BTC pumped from around $26,800 at 1:10 a.m. UTC to $27,384 just over two hours later. An increase of over 2%, according to CoinMarketCap. Bitcoin has been struggling to break the $27,000 mark since last Thursday.
The world’s oldest cryptocurrency has followed negative trends for most of May. Although it is still well above the roughly $16,500 it entered the year with.
Bitcoin also did not see a much-anticipated “Pizza Day” spike. Pizza Day celebrates the yearly anniversary of the first ever real-world transaction using Bitcoin, where 10,000 units were exchanged for two pizzas on May 22, 2010.
Yet Bitcoin is still seeing a prolonged period of dominance compared to other cryptocurrencies, sitting above 45% since the beginning of March.
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Author: Josh Adams
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