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Today’s Cryptocurrency Headline
Johnny Ng, a Hong Kong lawmaker, has pledged to start conversations in Hong Kong surrounding the possibility of “including bitcoin in financial reserves” following former U.S. President Donald Trump’s speech over the weekend. Ng, a member of the Hong Kong Legislative Council, wrote in a post on X on Sunday that it is “worth considering” to assign Bitcoin as part of the region’s official financial reserves. “The global acceptance of bitcoin is constantly increasing, and bitcoin is seen by the public as ‘digital gold’ in the context of its technology, so in the future, it is indeed possible to research and consider including bitcoin in strategic financial reserves, as long as it is compliant,” Ng said. Ng’s latest comment came after Trump promised in a Saturday speech at the Bitcoin 2024 conference in Nashville that he would create a “strategic bitcoin reserve” if elected in November. “I will discuss the feasibility and opportunities of including Bitcoin in financial reserves with different stakeholders in Hong Kong and will report the situation to everyone in a timely manner,” Ng said in the X post. Unlike its neighboring Chinese mainland’s broader cryptocurrency trading and mining crackdown, Hong Kong rolled out the welcome mat for crypto firms last year. In June 2023, Hong Kong officially started its crypto licensing regime for crypto trading platforms, allowing licensed exchanges to offer retail trading services. However, Duncan Chiu, a Hong Kong lawmaker, has raised concerns over the “excessively stringent” regulations for crypto exchanges to obtain a license, criticizing that these rules have pushed major global exchanges away from entering Hong Kong.
BingX’s Bitcoin Chart
Source: TradingView & BingX
Bitcoin price came within 5.7% of its peak today as the week begins with positive sentiment. Bitcoin was seen closing in on the $70,000 mark on July 29, posting a seven-week high despite falling short of its all-time high by around 6%. Meanwhile, recent Bitcoin positive sentiment has been driven by two US presidential candidates and a prominent Republican Senator at the Bitcoin 2024 Conference, which ran from July 25 to 27. Robert F. Kennedy Jr. and Senator Cynthia Lummisspoke about establishing a strategic Bitcoin reserve for the United States while Donald Trump said the government wouldn’t sell anymore if he got elected. Should this come to pass, it would induce a lot of buying pressure and a potential supply shock for BTC markets.
Additionally, the personal consumption expenditures index (Core PCE) rose just 0.1% last month, increasing confidence in an interest rate cut in September as inflation comes under control. There will also be a Federal Reserve meeting on July 31 in which another rate decision is expected. However, the market expects the Fed to keep rates unchanged with the CME Group predicting 95.9% odds on more status quo with rates remaining at 5.25% to 5.5%. Signals are strengthening for a rate cut in September, though, with the odds at 85.8% for a cut to 5.0% to 5.25%, which would be the first reduction since March 2020. The support level is at $71,000, and the resistance level is at $68,500.
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