Best Crypto to Buy Now 23 May – Conflux, Copium, Neo, AiDoge.com, Kava, Sponge, Ecoterra
Hong Kong's financial regulator announced it will allow retail investors to trade certain cryptocurrencies starting June 1, perhaps contributing to a small boost to Bitcoin's price in the past 24 hours.
The leading cryptocurrency is up by 1.3% so far today at $27,384 following the policy change by Hong Kong's Securities and Futures Commission.
With this new development, what are the best cryptos to buy now?
The move comes after the agency reviewed 152 written submissions on the proposal, with most respondents supporting the relaxed rules.
However, Bitcoin has struggled to hold onto gains as it faces significant headwinds from China's hardline stance against cryptocurrencies.
Bitcoin lacked momentum in May, struggling to break through the $28,000 level amid pressure from Chinese regulators.
While Hong Kong's status as a global financial hub could help the crypto industry, the city has tread carefully due to China's crypto crackdown.
Eddie Yue, chief executive of the Hong Kong Monetary Authority, said the agency wants to enable a crypto ecosystem but will have "tight" regulations.
The modest price boost from Hong Kong's rule change suggests it may take time for major moves in the crypto market.
Bitcoin has dominated other cryptocurrencies, maintaining over 45% of the total crypto market dominance since March.
But anticipated spikes in Bitcoin transaction volume and value around "pizza day", the annual anniversary of the first real-world Bitcoin transaction, did not materialize this year.
The flat trading and muted rallies suggest Bitcoin is still searching for direction even as more mainstream institutions adopt cryptocurrencies.
Hong Kong could provide one path, but China's shadow looms large. Until Beijing softens its stance, the
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