The regulatory landscape surrounding cryptocurrencies continues to evolve globally, shaping the future of digital finance. Recent developments in Hong Kong and the United States exemplify the contrasting approaches taken by different jurisdictions.

Hong Kongs government recently introduced a legal framework for certain cryptocurrencies, signaling a progressive stance. In contrast, the U.S. Securities and Exchange Commission (SEC) has been met with criticism for its regulatory actions, potentially affecting its population during the anticipated bull market.

This article provides an overview of these developments, highlights key cryptocurrencies like SAND, ADA, MATIC, SOL, and AXS, and concludes with the importance of Asias favorable disposition towards cryptocurrencies for future economic leadership.

Hong Kong has made significant strides in establishing a comprehensive legal framework for cryptocurrencies. The government recently introduced the Anti-Money Laundering and Counter-Terrorist Financing Amendment Bill, which requires virtual asset service providers (VASPs) to be licensed and comply with anti-money laundering regulations. This move aims to enhance consumer protection, foster trust, and promote the growth of the crypto industry in Hong Kong.

In contrast, the SEC has faced criticism for its regulatory actions, which some argue impede innovation and hinder the growth of the crypto industry. The commission has taken a stringent approach toward securities regulations, resulting in lawsuits and legal battles for crypto companies.

This approach has raised concerns about regulatory uncertainty, limiting the potential for businesses to thrive in the U.S. market and potentially disadvantaging the population when the anticipated bull market arrives.

There are tokens that the SEC considered securities and, at the same time, Hong Kong is promoting in their new crypto trademark. Here they are:

Finally, Asian governments have shown a positive predisposition towards cryptocurrencies, recognizing their potential for innovation, economic growth, and social development. The forward-thinking regulatory frameworks in countries like Japan, Singapore, and Hong Kong foster an environment conducive to crypto-related businesses, attracting investments and talent.

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The SEC Has Blacklisted 5 Hong Kong Coins That Will Explode in ... - Altcoin Buzz

On-chain analytics firm Glassnode published a report hinting that investors are rotating capital toward risk-off assets like stablecoins and Bitcoin. Technicals show that altcoins are at a crucial turning point between a positive and a negative breakout.

Glassnodes analysis of Uniswap and futures trading volumes reveals that the uptrend that began in the first quarter of 2023 began cooling off in April, with regulatory concerns and a lack of liquidity promoting risk-off tendencies among traders.

The report stated that while it might appear that memecoins caused a surge in Uniswaps trading volume, a closer look at Uniswaps pools reveals that the majority of volume was for top cryptocurrencies in Wrapped BTC, Ether (ETH)and stablecoins.

Moreover, sandwich attacks and bot trading accounted for a significant amount of this trading activity. The report read:

If we take into account that many bots engage in arbitrage or sandwich attacks, the degree of organic trading volume on Uniswap may well account for over two-thirds of all DEX activity.

The futures trading volumes for Ether on centralized exchanges contracted in May, with 30-day average trading volumes dropping to $12 billion per day against a yearly average of $21.5 billion.

Glassnode analysts suggested that the decline in futures trading volumes is a sign that institutional trading interest and liquidity remains quite weak.

Similarly, the market share for Bitcoin (BTC)perpetuals versus their Ether counterparts shows a huge discrepancy, with 65.5% dominance for Bitcoin. In 2022, the two assets had equal shares in the perpetual swap space. However, the trend has shifted significantly in the last year.

Tether (USDT) has absorbed a significant proportion of outflows from Binance USD (BUSD) andCircles USD Coin (USDC), pushing USDT to a new all-time high supply of $83.1 billion.

In the crypto market, capital usually flows from the majors, like Bitcoin and Ether, into altcoins. However, the above trends show that, lately, the capital rotation is happening away from high-risk altcoins toward low-risk assets like stablecoins and Bitcoin.

Technically, Bitcoins dominance percentage over the crypto market, which measures the share of Bitcoins market capitalization in the total crypto valuation, experienced an uptrend in 2023 before encountering resistance at the 48.35% level.

If Bitcoin buyers are unable to break out above this resistance, the market can expect an altcoin rally relative to Bitcoin.

On the other hand, the TOTAL2 chart, which measures the market capitalization of the cryptocurrency market excluding Bitcoin, had its positive breakout from the triangle pattern reversed, pushing the index back into a bearish triangle pattern that started forming in October 2022.

Related: Ethereum gas fees cool down after May memecoin frenzy

Currently, the total market capitalization of altcoins is bound by a bearish descending triangle pattern with lower highs and a parallel support level of $433.39 billion. The selling would likely accelerate below this level.

If buyers push higher by building support above the parallel resistance at $616.35 billion by weekly closing, altcoins could continue to head higher over the next few weeks.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Crypto traders avoid risk and shelter in stablecoins as the market reaches a turning point - Cointelegraph

The world economy is currently bracing for a terrible blow from the United States. As the Biden administration continues to negotiate with Congress to reach common ground, the stock market sits in a worry of impending doom. This fear is potentially also spreading to the crypto market.

US President Joe Biden and top Republican Kevin McCarthy recently engaged in discussions regarding the debt ceiling on May 22. Both parties are optimistic about reaching common ground to bring an end to the deadlock over the federal debt.

Earlier this week, US Secretary of the Treasury Janet Yellen issued a warning stating that the US debt could default within the next ten days by June 1 if the talks fail to result in a favorable decision. She stated,

"It is highly likely that Treasury will no longer be able to satisfy all of the government's obligations if Congress has not acted to raise or suspend the debt limit by early June, and potentially as early as June 1.

Additionally, Yellen noted that even a last-minute solution must be avoided as it damages the economy at the consumer, business, and government levels.

However, McCarthy, ahead of the meeting, reiterated that while the Republicans and Biden administration still have "disagreements," they will reach a decision soon.

This needs to take place as soon as possible since it would take at least another three days to write down the agreement, read and vote on it.

The global economy is on edge as fears grow over the impending week, with the failure to raise the debt ceiling beyond the current cap of $31.4 trillion potentially leading to a US debt default.

According to a White House report, it was highlighted that a debt default could lead to over 8 million job losses. Unemployment rising by such a huge figure in an instant could negatively impact not only the stock market but the crypto market as well.

The reason behind this is that the US accounts for 10% of the worldwide crypto users. Amounting to 45 million out of the 420 million crypto users, the countrys troubles present a significant threat as crypto users who lose their job could be forced to sell their holdings prematurely.

As it is, the crypto market trading volume is currently running dry, with weekly volumes noting historical lows. Santiment noted that Bitcoin and Ethereum volumes alone combined are observing the second lowest threshold since September 2019.

Crypto market trading volume

For the same reason, Bitcoin price and Ethereum price, along with the rest of the market, have been observing sideways movement for the last few days. Investors are preparing for a move in either direction post-June 1 as the result of the talks would determine profits or losses for crypto asset holders.

BTC/USD 1-day chart

The crypto market is still rooting for the talks to reach a conclusion, as even at the risk of losing some investment, the market would be safe from severe bearishness.

Read more here:
US debt ceiling impasse to devastate crypto markets as Bitcoin and Altcoin volumes plummet - FXStreet

Data shows the combined trading volume of Bitcoin and the altcoins have hit the lowest value in more than a year. Heres what this may mean.

According to data from the on-chain analytics firm Santiment, the volumes were last at any significant levels back in March of this year. The trading volume is an indicator that measures the daily total amount of a given asset thats being moved around on the blockchain.

When the value of this metric is high, it means the cryptocurrency in question is observing the movement of a high number of coins right now. Such a trend suggests that the investors are actively trading in the market currently.

On the other hand, low values of the indicator can be a sign that there isnt much interest in the asset among the investors at the moment, as they arent taking part in any significant transaction activity on the network.

Now, here is a chart that shows the trend in the 7-day trading volume for some of the largest assets by market cap in the sector over the last year:

As you can see in the above graph, the combined 7-day trading volume of these top assets surged back in March when Bitcoin and other coins had observed a sharp rally out of a local bottom.

Since then, however, the indicator has seen an overall downtrend, and now the metric has hit some pretty low values. This means that during the last seven days, the assets have observed transactions of a very little amount.

The current combined trading volume for these large cap assets is in fact the lowest it has been since more than a year ago. From the chart, its visible that out of these coins, only Bitcoin (highlighted in green) and Ethereum (colored in blue) have any appreciable volumes still left.

The indicators value for the altcoin market has always been pretty low in comparison to Bitcoin and Ethereum, but recently, it has seen the trading volumes really dry up.

Naturally, the current low volumes throughout the top assets might suggest that there isnt much interest in trading cryptocurrencies left among the general investor.

Generally, sharp price action such as a rally or a crash attracts a high number of users to the market because such moves are generally exciting to them. Such moves are also only sustainable if they can continue to bring attention to the cryptocurrency, as a large number of traders are needed to fuel moves of this kind.

Moves that fail to amass any significant attention, however, eventually end up dying out. Because of this reason, the latest low volumes can be a worrying sign for the sustainability of the rally in the prices of Bitcoin and other assets.

At the time of writing, Bitcoin is trading around $27,300, up 1% in the last week.

Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net

More:
Bitcoin & Altcoin Trading Volumes Plunge, What Does It Mean? - Bitcoinist

Todays market session has been rather bearish today with the global market cap recording a decrease of 1.8% within a day of trading to take the total cap to $1.10T. Bitcoin (BTC) the crypto king is also having a rather volatile session with the asset recording a 2.15% within a day of trading as it now faces more resistance at the $27K level.

Trading at $26.2K, BTC had also seen a 3.8% loss in valuation for the week as of press time. Bitcoins market cap stood at $508,526,381,364 as of the writing as bears struggle for dominance of the market.

BTCs volatility levels are however narrowing down as the assets volatility levels continue to drop further as the Bollinger bands now move closer to each other. The relative strength index is also moving below its average line signaling a bearish trend on Bitcoin as the MACD also moves in the negative region, serving as another indicator of a bullish trend.

Ethereum (ETH) is also having a tough session as the asset also lost 2.5% in valuation as of todays early trading session. ETH, now trading at $1780, faces new resistance at the $1.8K level with the asset sitting on a 2% weekly drop as well. ETH has a current market cap of $214,173,965,088 according to CoinMarketCap data.

Other altcoins are also having a tough session with Cardano (ADA), Dogecoin (DOGE), and Ripple (XRP), all recording losses of 1% within a day of trading as Solana (SOL), Polygon (MATIC) and Tron (TRX), all recorded losses of less than 1% within a day of trade. Litecoin (LTC) is again sitting on massive drops of 4% within a day as the asset now sits on a 9% weekly drop.

The Sandbox (SAND) as however defied todays bear market, recording a surge of 4.4% within the same period to trade at $0.518. The asset had a total market cap of $959,829,436 during press time.

On todays trending list, ARPA, coming in at 5th is making headlines after recording a 4.8% gain within 24 hours to take its price to $0.1033 as of press time. The asset is also sitting on a 112% weekly gain as the monthly gain stood at a remarkable 164%.

Samoyedcoin (SAMO) has also had a remarkable start today as the asset boasts a 215% price increase within 24 hours to trade at $0.009324 as it ranked 9th on the trending assets list.

Link:
Altcoin Markets Plummet as the Sandbox Dominates - Blockchain Reporter