Jeremy Allaire, the chief executive officer of Circle, the issuer of the second most liquid stablecoin, USDC, expects to see huge demand for various digital assets, including Dogecoin, Bitcoin, Ethereum, and Cardano, in emerging markets of which Hong Kong and China are central.
His confidence is when Dogecoin, the most liquid meme coin perched in the top-10 by market cap, has been recovering, shaking off selling pressure in the second half of June. When writing, DOGE is trading at $0.065, up 13% from June 2023 lows. However, the coin remains within a bearish formation, slipping 40% from April 2023 highs.
Dogecoin And Cryptocurrencies Remain Under Pressure Despite Hopes in Hong Kong
Allaire’s comments follow an encouraging formation in the cryptocurrency market at the close of H1 2023. After weakness in May 2023, prices rebounded strongly from mid-June as bulls reversed losses and retested 2023 highs. With rising Bitcoin prices, the crypto market edged higher, lifting other coins, including Solana, Dogecoin, and Ethereum.
Although prices of some altcoins are now lower, DOGE prices are firm and likely to continue the trend observed in the third week of June, strengthened by fundamental actions, including unfolding events in Hong Kong. According to Allaire, Hong Kong, a special administrative zone of China, will be crucial, primarily as it seeks to establish itself as a key financial hub in finance and cryptocurrency.
While speaking at the World Economic Forum in Tianjin, China, Allaire said Circle is closely watching Hong Kong. His confidence comes when Hong Kong said it would adopt a technology-neutral approach to regulating cryptocurrencies
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Author: Dalmas Ngetich
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