As the world of cryptocurrency continues to evolve, the regulatory landscape is becoming increasingly complex and uncertain. Hong Kong’s recent stance on crypto has become a topic of discussion among investors and enthusiasts alike, with some seeing it as a double-edged sword.
Meanwhile, Polkadot (DOT) has experienced a slight dip in its value over the past few days, while Litecoin’s (LTC) bulls remain optimistic about the future of the coin despite the recent market volatility. In the midst of all this, Ape Brigade (APES) has launched its simian meme coin’s pre-sale and take over the market. Read on to know more.
Hong Kong’s Diplomatic Stance on Crypto
Hong Kong’s Chief Executive of the Monetary Authority, Eddie Yue Wai-man, stated that the city would maintain strict regulations on virtual assets despite its ambition to become a global virtual asset center. This comment comes just weeks ahead of new licensing rules for cryptocurrency exchanges that will go into effect. Yue clarified that the government would not enforce light-touch regulation and would require virtual asset trading platforms to be licensed by the regulator.
Additionally, the Hong Kong Monetary Authority is preparing a mandatory licensing regime for stablecoin-related activities by 2024, which would require reserve assets backing a stablecoin to equal the value of outstanding tokens at all times.
The government is committed to virtual assets but is also mindful of the potential risks involved in cryptocurrency markets. The Securities and Futures Commission has suggested that more oversight of decentralized finance platforms would be necessary, and HKMA executive director Clara Chan warned that many blockchain use cases “may not involve intrinsic value”.
Polkadot Slowly Recovers
The price of Polkadot (DOT) has shown positive momentum in recent days after experiencing a slight decrease on May 9. The price dropped but then regained value, reaching a high of $5.38 on May 10. While sentiment regarding Polkadot’s price prediction is leaning bearish, the Fear & Greed Index indicates a neutral value of 52, says analytic site Cryptopolitan.
Polkadot is currently ranked as the sixth-largest Proof-of-Stake coin and the tenth-largest project in the Layer 1 sector. DOT is trading around $5.32 at the time of writing, with a market capitalization of $5.27 billion.
Bulls are Hopeful about Litecoin
Litecoin’s (LTC) price has decreased by more than 12% in the last three days, falling below $80. However, Litecoin’s investors have grown bullish and motivated despite the price decline.
The Litecoin network has recently added almost 300,000 new addresses that hold LTC, which is a nearly 300% increase from the average weekly rate. The total addresses holding a balance now stand at 7.56 million, and the third halving event that will slash the reward for validating a block by 50% is coming up in three months, which has historically resulted in price increases.
The possibility of further accumulation and a price recovery rally is high, especially since the Relative Strength Index (RSI) is nearing the oversold zone.
Ape Brigade’s Pre-Sale Has Launched
Ape Brigade (APES) is a brand new meme coin that could be the next big thing on the market. The coin is backed by a strong community that cares about wildlife, especially apes. APES has reserved 10% of its total supply to donate to charitable organizations dedicated to wildlife conservation.
The Ape Brigade community will benefit from a liquidity pool, which locks up 20% of the supply, ensuring stability and liquidity. An incentivized staking system is in place that rewards users who stake APES with 15% of the total supply exclusively reserved for staking rewards.
APES is an ERC-20 token that’s technologically advanced and has an NFT Space in development, which will be an integral part of the ecosystem. It is given that APES is a meme coin that is here to make a positive impact and does not want to be overlooked.
Find out more about Ape Brigade (APES)
None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.