Bitcoin climbs because of Blackrock news, HongKong wants banks to accept crypto, asks Bank of China

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Last Updated on 6 November 2023 by CryptoTips.eu

Bitcoin climbed above the $26,000 price level again after optimism returned to the crypto market as it became known that the world’s largest investment fund, Blackrock, is looking to launch a Bitcoin ETF fund to give its clients direct access to digital currencies.

In Asia, positive news came out of Hong Kong as the central bank asks international banks operating in its territory to be more positive about crypto.

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Mica

As the United States begins court proceedings against Binance and Coinbase, other regions of the world are realizing that there is a lot of money that needs to find a new home. Major crypto companies will likely have to move out of the United States if this trend continues, and Europe, with its new Mica regulations, seems poised to welcome some of these companies (as well as their money and customers).

Hong Kong, the major Asian business city on the coast of China, is also interested. The central bank there has asked some major international banks operating on its territory to take a more positive stance towards crypto platforms and even facilitate business with them, in what is becoming an increasingly clear push to welcome this growing industry.

E-Yuan

There is also one very important detail. In addition to HSBC and Standard Chartered, the question of admitting crypto customers was also put forward to Bank of China, and that could mean that several hundred million customers on the Chinese mainland could once again gain access to Bitcoin.

The Chinese government banned crypto trading in September 2021 when it wanted to launch its own E-Yuan, but seems to be turning more positive recently, probably also because of the White House’s resistance against digital coins.

The Chinese ban had also caused many crypto mining companies to move to the United States, especially Texas. Those now have a problem now as the White House of President Joe Biden is taking an increasingly negative attitude towards crypto.

Hong Kong lawmaker Johnny Ng even took to Twitter this week and invited US crypto firm Coinbase to setup operations in HongKong.

monticello / Depositphotos.com

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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