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Bloomberg

The total market value of cryptocurrencies rose above US$2 trillion again as bitcoin continued to climb and the likes of cardano, XRP and dogecoin advanced as well.
Cryptocurrencies’ market value rose to $2.06 trillion on Saturday, according to CoinGecko, which tracks more than 8,800 coins.
Bitcoin reached as high as US$48,152, the highest level since May 16, as it showed staying power above its 200-day moving average.
It was not just bitcoin holding up the overall market advance, however. As of 1pm in Hong Kong on Sunday, cardano – now the third-ranked cryptocurrency after bitcoin and ether – was up 47 per cent over the past seven days.


Binance coin gained 14 per cent, XRP 61 per cent and dogecoin 18 per cent over the same period, according to CoinGecko pricing.
“Bitcoin continues above its critical 200-day moving average,” Fundstrat strategists wrote in a note on Friday. “Also on our radar is cardano (ADA), which after signalling smart contracts are soon to hit the platform earlier this week is up” significantly.
The moves higher came even after the cryptocurrency industry failed to win a change to cryptocurrency tax reporting rules in a US infrastructure bill, leaving intact language for broad oversight of virtual currencies in the legislation that passed the Senate on Tuesday.




“The price of bitcoin was surprisingly resilient in the wake of the news,” wrote NYDIG global head of research Greg Cipolaro in a note dated Saturday.
“We interpreted this price action as extremely bullish,” and “we think the recognition of the crypto industry by lawmakers was ultimately a legitimising event, one that should give investors comfort that this industry is here to stay.”


Hong Kong poised to grant first stablecoin licences to HSBC, Standard Chartered: sources

Crypto billionaire Justin Sun settles US fraud case for US$10 million

HSBC signals intent to join Hong Kong’s stablecoin regime amid digital innovation push

Hong Kong’s virtual asset sector considered for taxation under policy review

Cryptocurrency

Bitcoin, dogecoin gains push cryptocurrencies’ market cap back above US$2 trillion

Bitcoin has stayed above its 200-day moving average. Photo: AFP

Cryptocurrency exchange Binance wants to ‘be a financial institution’, seeks licences to undo regulatory red flags

Zhao Changpeng, Binance’s CEO, has raised the prospect of being succeeded by a global executive with a strong regulatory background to help Binance pivot towards becoming a regulated financial institution. Photo: Reuters

Cryptocurrency exchange Binance not licensed to sell stock tokens in Hong Kong, says markets regulator SFC

Cryptocurrency trading volumes on Binance reached US$668 billion last month. Photo: Reuters

BitMEX to pay US regulators US$100 million to settle claims of illegal trading, anti-money laundering violations

BitMEX, one of the world’s largest cryptocurrency exchanges, has settled charges with US regulators. Photo: Shutterstock Images

China electricity-rich areas pivot to building EV charging piles after bitcoin mining ban, giving a leg up in electric car sales

Tesla electric vehicles at charging stations outside one of the company's showrooms in Beijing on Saturday, March 6, 2021. Photo: Bloomberg

Mining rigs operate inside racks at the CryptoUniverse cryptocurrency mining farm in Nadvoitsy, Russia, on Thursday, March 18, 2021. The rise of Bitcoin and other cryptocurrencies has prompted the greatest push yet among central banks to develop their own digital currencies. Photographer: Andrey Rudakov/Bloomberg

graphic for online Tesla compared to domestic electric vehicle brands in China Mileage of electric vehicles China 's best-selling new-energy vehicles in July Model Tesla Model 3 NIO ES6 All New BYD Qin xpeng P7 Li ONE Driving range (km) 445 490 421 706 800 Model Volume (units) Model Chery eQ Volume (units) Tesla Model 3 GAC Aion S Buick Velite 6 All New BYD Qin Baojun EIOO 11,014 3,685 3,411 3,400 3,329 Great Wall ora RI NIO ES6 Li ONE BMW 5 series PHEV Sources: Company data, China Passenger Car Association 3,056 2,771 2,610 2,445 2,336 SCMP

graphic for online CANADA 18 megawatts US 27 megawatts VENEZUELA ICELAND 5 megawatts SWEDEN 10 megawatts ESTONIA 2 megawatts CHINA 111 megawatts CHINA GEORGIA THAILAND 60 megawatts Hong Kong POLAND 1,000km Xinjiang Liaoning Anhui Tibet Sichuan Jiangsu Yunnan Guizhou Heilongjiang Inner Mongolia Global cryptocurrency mining sites Reported mining facilities Estimates not available Source: University of Cambridge SCMP 10 megawatts or less 11-50 megawatts >50 megawatts Low-cost electricity Fast internet connection Low-temperature zones Low-cost electricity/ Low-temperature zones Low-cost electricity/ Fast internet connection Low-temperature zones/ Fast internet connection Low-cost electricity/ Low-temperature zones/ Fast internet connection

Electric taxis stand at a charging station operated by an electric vehicle dealership in Ningde, Fujian Province, China, on Monday, Jan. 29, 2018. China surpassed the U.S. in 2015 to become the world's biggest market for electric cars. Sales of new-energy vehicles - including battery-powered, plug-in hybrid and fuel-cell vehicles - reached 777,000 units last year and could surpass 1 million this year, the China Association of Automobile Manufacturers estimated. Photographer: Qilai Shen/Bloomberg

Business

Banking & Finance

Money

Cryptocurrencies’ market value rose to $2.06 trillion on Saturday, according to CoinGecko, which tracks more than 8,800 coins
Bitcoin reached as high as US$48,152, the highest level since May 16


Cryptocurrencies’ market value rose to $2.06 trillion on Saturday, according to CoinGecko, which tracks more than 8,800 coins.


Bitcoin

Blockchain