Bitcoin diverges positively from global markets
U.S. stock indices were mixed last Friday as tech stocks suffered significant losses.
The leading cryptocurrency was unaffected by these losses and Bitcoin tested the $25,000 resistance again over the weekend. Today's hot token, GNS, posted a 7-day return of 33.3%, outperforming the broader market as investors top the token's CEX listing.
Native token of Gains Network, the team behind gTrade, a decentralized trading protocol on GNS, Polygon and Arbitrum. What sets Gains Network apart from other DEXs is its non-crypto perpetual trading, including FX and stocks. The recent outstanding performance comes as traders manage GNS's CEX listing, which often leads to a price spike as more investors become available to own GNS tokens. While the rising price was triggered by more speculative movements, the foundation of gTrade continued to improve. In particular, the daily trading volume on the network is increasing rapidly as its competitors struggle to retain users.
Bitcoin diverges positively from global markets
Rumors that Hong Kong will legalize retail trading on crypto have sparked outrage. Although there is no official confirmation, multiple sources indicate that individual investors will be able to invest in crypto assets under a new regulatory framework from June 1, 2023. Coinbase CEO Brian Armstrong commented that the US is losing ground in the crypto regulation of the UK, EU and now Hong Kong. However, many critics wonder if Hong Kong regulators will be as open as they say about allowing their citizens to trade crypto freely. Compliance regulation in Hong Kong will likely be as strict as its western counterparts.
