It’s been months and we’re still waiting for that bull run that everyone promised. Not only there’s no bull run in sight, but crypto prices have been dropping for weeks. Bitcoin is locked in the mid to high $25,000s, which doesn’t exactly suggest an improvement. It has failed to break past that point, and even when it did, it was only for a short while.
But, there might be a glimmer of hope on the horizon. A glimmer that could turn into very bright lights. We all know that China is not a fan of crypto due to the plans for a digital yuan. There’s been a witch hunt on digital assets and mining in the country in the past couple of years, but the latest news coming from the country may shake up the industry very soon. A top court in China has just moved to open Bitcoin and crypto trading in Hong Kong, and according to many experts, it’s the catalyst we’ve all been waiting for.
Trying to ‘Bury’ the USA Economically
This game-changing move comes out all of a sudden, but according to experts in global trades and economy, it’s part of a larger plan. China doesn’t want a war with the USA, even if it backs Russia. It’s trying to bury the US economy, suddenly opening up to cryptocurrencies after the 2021 blanked ban.
Since then, many Chinese courts have established that virtual assets have property rights. That’s been the case this time too. A People’s Court in China just published a report on virtual assets, determining that they’re legal property protected by law. This court operates independently and is not subject to any administrative or public interference. Its main cases are criminal, administrative, and civil, with the addition of economic disputes.
According to the report, laws on crimes involving digital assets should be based on both criminal and civil law. These cases need to be treated separately from others in order to achieve a balanced protection of personal property.
These new developments are seen as the beginning of something beautiful. Many are hoping—and some experts are sure—that it’s the catalyst we’ve been waiting for to jumpstart the elusive bull run. Bitcoin’s volatility has returned for a bit, but compared to years ago, it’s still not at that level. With Hong Kong clearly looking to establish itself as a center for digital assets, this could all change as soon as this month.
Bitcoin ETF Conversion Coming Soon?
Other events are likely to have a huge impact on Bitcoin’s price this month and moving forward. For example, Grayscale has just won its court proceedings against the SEC, asking for a quick meet up to discuss plans for the first spot-exchange traded fund. Yesterday, the company’s lawyers sent a letter to the SEC, requesting a meet to discuss the regulator’s recent court loss. The company believes the SEC doesn’t have any grounds for delays, so we could finally see the first Bitcoin spot ETF very soon.
As soon as that happens, expect the crypto prices to go up. With China’s continued involvement and Hong Kong’s goal to become a crypto tech hub, we’re one step closer to the bull run we’ve waited for so long.