ZA Bank’s Crypto Trading Pilot in Hong Kong and Bitcoin Surges to $70K - What's Next?
New developments are full in store for the crypto market this week: Hong Kong for more crypto integration, Bitcoin sees some serious price rally.
1. ZA Bank's Crypto Trading Pilot in Hong Kong
Hong Kong's largest virtual lender, ZA Bank, officially debuted a crypto trading service sandbox trial in an attempt to lure more retail investors. Big Four auditor PwC pegged the service as an improvement in the field of virtual asset trading within a regulated framework for further reinforcement of Hong Kong's ambition to become Asia's leading digital asset hub.
A recent study from the bank shows that 75% of Hong Kong's retail investors are keen on crypto trading, with much interest driven by diversification, short-term returns, and increasing social acceptance. Speaking at Hong Kong Fintech Week 2024, ZA Bank CEO Ronald Iu said supportive policies from the government include planned tax incentives and the licensing of more digital asset exchanges by the end of this year.
2. Bitcoin Hits $70,000 – What’s Next?
On Monday, Bitcoin changed hands as high as $70,200, its best performance since June. Prices consolidate somewhat but momentums of trading are bullish. For analysts, the trend for Bitcoin is upwards, and the 50DMA and 200DMA are supportive of recent gains. The hike in prices also coincides with broader market optimism, partially brought about by geopolitical news in terms of eased tensions in the Middle East.
According to chart analysis, Bitcoin might continue its surging momentum. After periods of consolidation, Bitcoin has surged to new highs after a post-halving-something that happened six months ago. A slew of upcoming U.S. economic data reports and mega-cap earnings are also expected to drive Bitcoin's price action as investors begin to position for the U.S. presidential election.
Conclusion
To that effect, the ZA Bank crypto trading pilot also aligns with the pro-crypto policies of Hong Kong, and Bitcoin is within proximity to a key breakout. This is a development that shows the growing opportunities indeed in the crypto market. Continue to keep tabs open at Dex-Trade for updates on these important market moves.
