Market Analysis Report (11 Apr 2023)

The price of Bitcoin has started appearing in search results on Douyin, China’s equivalent of TikTok. This could indicate that Beijing is becoming more friendly to crypto and easing its grip on the digital asset space.

Douyin is the most popular short video-sharing app in China, with 700 million people using it every day. The app is showing the price of the cryptocurrency at a time in which Hong Kong started opening its door to crypto and China’s state-owned banks.

Hong Kong’s top financial regulators have expressed their support for the development of Web 3, which includes cryptocurrency platforms. Leung Fung-yee, the CEO of the Hong Kong Securities and Futures Commission (SFC), said at a recent questions and answers session.

Paul Chan, Hong Kong’s financial secretary, wrote in a blog post that they will balance proper regulation with promoting innovation. He said they will also focus on investor education and protection, and anti-money laundering. Hong Kong is hosting a Web 3 Festival this week with over 10,000 attendees and 300 speakers.

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• Source: https://www.cryptocompare.com/email-updates/daily/2023/apr/11/