23rd December 2023 > > Hong Kong & TA.

tl;dr

Hong Kong reinforces its position as one of the few global leaders in cryptos, a move that the EU will want to compete with. TA – I wish it were so.

Market Snap

Market Wrap

Perpetual futures funding rates almost back at neutral much to everyone’s relief, except perhaps those who were looking to add on any pullback towards $40k. All markets are always extra choppy for the last week of the year with much reduced liquidity across all securities markets. Then we get the exciting bit – what will happen in January with a spot BTC ETF?

Curious Cryptos’ Commentary – Hong Kong

Exciting news from Hong Kong that the regulatory bodies on Hong Kong are ready to start accepting applications for spot BTC ETFs:

https://apps.sfc.hk/edistributionWeb/gateway/EN/circular/doc?refNo=23EC67

Hong Kong used to be a bastion of democracy and freedom until the misguided decision was taken to believe that China would honour an agreement known as “one country, two systems”. That the agreement lasted a decade, or more, is testament only to China’s fears of probable economic retaliation before building an air force and navy ready to dominate the region. Once that objective had been completed, there was zero chance that the Chinese leadership would ever abide by its obligations.

But the power of cryptos to transform the world for the better is quite extraordinary.

President Xi and his murderous henchman (if you don’t believe me, try talking to the Uyghur Muslims, though the Chinese state police will stop you long before you get close to that benighted population) were – and probably remain – terribly fearful of cryptos. Hence the “banning” we saw in several stages over several years. But to give some credit, however distressing it is to do so, Hong Kong has been given license to develop a booming and thriving crypto industry. And that can only happen with Xi’s personal blessing.

If the leaders of the country who dominate global rankings for coercion and control over their own citizens feel they have no option but to embrace cryptos, this is a powerful message. The benefits of cryptos for all humanity knows no bounds.

Curious Cryptos’ Commentary – Technical analysis

Regular readers know my scepticism towards TA, but sometimes I just want to believe …

That’s a 30-odd increase in the market cap of all cryptos, with presumably a massive outperformance by alts.

That will do.