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Bitcoin slips 3% as Hong Kong pursues to end ‘honeymoon’ with crypto transfers

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Nov, 06 2020

Nov, 06 2020

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The worth of Bitcoin demolished by 3% so far this week within rising regulatory pressure on cryptocurrency exchanges in Hong Kong and China.

The value of Bitcoin (BTC) has dropped by more than 3% in the past two days. The pullback of the leading cryptocurrency comes within growing regulatory pressure in China and Hong Kong.

Timeline of transfer FUD in the past month

On Oct. 16, top Bitcoin contracts exchange OKEx postponed withdrawals after one of its secluded key holders were arrested.

A mere 17 days later, speculation occurred that Huobi, a Singapore-based exchange with an office in Hong Kong might face governing force after data showed huge Bitcoin and Tether removals on Nov. 2.

Though, Huobi Global repeated that the exchange is working generally, and deposits and withdrawals are “operating as predictable.”

Currently, Reuters stated that Hong Kong regulators will suggest all cryptocurrency exchanges are regulated and apply for a Securities and

Futures Commission, or SFC, license as opposed to the earlier opt-in approach, which many exchanges dropped to do. It comes a year later the Hong Kong government unrestricted rules for cryptocurrency exchanges. Ashley Alder, chief managerial of the SFC, said on Nov. 3.

We can announce Bitcoin’s honeymoon stage to be over. Despite the understated phrasing of the SFC’s statement, industry specialists said it is essentially an announcement to end Bitcoin’s honeymoon period. Leo Weese, the co-founder of the Bitcoin Suggestion of Hong Kong said:

With stories of more crypto exchange representatives detained in China and Hong Kong’s move to make trading unlawful (aka licensed), we can announce Bitcoin’s honeymoon period to be over. If you think Bitcoin will catch on, purchase it now while you still can.

Kelvin Koh, a partner at the Asia-based cryptocurrency stock firm Spartan Group, said the timing is not a chance.

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