Hong Kong’s digital asset scene is experiencing a major shift, courtesy of the Hong Kong Virtual Asset Rating Agency (HKVAC).
Their upcoming index adjustments, effective January 19, have ignited a firestorm of speculation within the global crypto community. The biggest headliner? Solana (SOL) has dethroned XRP, snagging a coveted spot in the HKVAC Cryptocurrency Global Large Top5 Index.
The HKVAC
HKVAC, a Hong Kong non-profit, champions the thriving virtual asset market in Hong Kong. They assess exchange credibility, establish market gauges, and advocate for ethical practices, aiming to make Hong Kong a global leader in secure crypto trade.
SOL’s Outstanding Performance
Solana’s recent move mirrors its meteoric ascent. Since mid-October, SOL has surged almost 500% and is one of the best-performing cryptocurrencies over the last few months. This occurrence isn’t the first time SOL has displaced XRP in the last two months, as the digital surged massively in December to surpass XRP based on market cap.
Solana (SOL) overtaking XRP is more interesting, considering XRP only replaced USDC on the index back in October 2023. But SOL’s ascension isn’t the only drama unfolding.
HKVAC is throwing a curveball, welcoming innovative projects like ICP, NEAR, OP, INJ, and IMX into the global index while bidding farewell to TUSD, BUSD, HBAR, FIL, and MKR. These adjustments show HKVAC’s commitment to adapting to the changes in the crypto market by adopting the current stars and leaving those who aren’t meeting up behind.
An ETF Stampede
Beyond the index shakeup, another seismic development is on the horizon for Hong Kong’s crypto scene: the imminent arrival of Virtual Asset Spot ETFs.
A recent report suggests a stampede of roughly ten fund companies eager to launch Bitcoin ETF products, with some nearing the finish line. The news came from an executive of HashKey Group, one of the leading crypto companies in Asia.
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This surge in interest from the financial sector shows Hong Kong’s burgeoning appetite for crypto investment products. According to the report, eight companies are in the advanced stage and almost ready to launch.
HKVAC’s shuffle and the ETF stampede show that Hong Kong’s crypto game is evolving at breakneck speed. The region is embracing innovation, attracting heavyweights, and rapidly building its digital asset ecosystem.
With the ETF fervor spreading quickly across the globe, ChatGPT recently predicted how high XRP can go with the recent Bitcoin ETF approval in the U.S. If XRP can reach the predicted heights, it could regain its spot in the HKVAC Cryptocurrency Global Large Top5 Index.
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