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Top Currency Digital Currency News

March 07, 2024
The HKMA announces the Ensemble project to support the development of Hong
Kong’s tokenization market
The Hong Kong Monetary Authority (HKMA) today (March 7) announced the launch of
Ensemble, a new wholesale-level central bank digital currency (wCBDC) project to
support the development of Hong Kong’s tokenization market.

The new project aims to develop innovative financial market infrastructure to
enable smooth interbank settlement of tokenized currencies through wCBDC. The
project will initially focus on tokenized deposits, which are digital forms of
commercial bank deposits issued and offered to the public by commercial banks.
On the basis of wCBDC, tokenized deposits can be used for tokenized asset
transactions, creating opportunities for optimization and innovation in the
tokenization era.

The focus of the Ensemble project is the wCBDC "sandbox" to be launched by the
HKMA this year. The "sandbox" will further research and test tokenization use
cases, including the settlement of tokenized real-world assets (such as green
bonds, voluntary emission reductions) , aircraft, electric vehicle charging
stations, electronic bills of lading and treasury management), are more likely
to develop into new financial market infrastructure, serving as a bridge between
tokenized real-world assets and tokenized currencies in transactions.

To promote the development of industry standards and strategies to keep pace
with the times, the HKMA will establish a wCBDC architecture working group
composed of local and multinational banks, major players in the digital asset
industry, technology companies and a CBDC expert group1. The HKMA will also
continue to work with Cyberport and the Hong Kong Science and Technology Parks
Corporation to promote the development of asset tokenization and support local
financial technology innovation.

The Ensemble project is an important part of the HKMA's series of measures to
promote the development of the tokenized market (including the "Digital Hong
Kong Dollar" project, and the mBridge2, Dynamo3 and Genesis4 projects in
collaboration with the Hong Kong Center under the Bank for International
Settlements Innovation Hub). The project also builds on the HKMA’s tokenized
deposit use case experiment with HSBC, Hang Seng Bank and Ant Group in 2023. The
HKMA will invite relevant international stakeholders, including other central
banks and organizations, to participate in future experiments and research in
the wCBDC “sandbox”.

Finally, if the wCBDC “sandbox” can receive a positive response from the
industry, the HKMA will issue wCBDC in due course.

Mr Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, said: "Hong
Kong has always supported innovative development and international cooperation.
The Ensemble project will inject new impetus into our booming financial industry
and consolidate our position at the forefront of tokenized currencies and
assets. We welcome talents and talents from around the world. The industry comes
to Hong Kong to participate in this exciting tokenization journey."



Hong Kong Monetary Authority
March 7, 2024

2024-03-07

Bitcoin suffered a massive sell-off after hitting a new high on Tuesday,
triggering some of the most violent price swings this year, but quickly
rebounded to get back closer to its all-time high.

The oldest and largest token rose as much as 5.8% to $67,002.84 on Wednesday,
leading the entire digital asset market higher. However, just one day ago,
Bitcoin hit an all-time high of $69,191.95 before quickly falling back below
$60,000. According to data, the range of more than 14% between Tuesday's high
and low is the largest range of Bitcoin price fluctuations this year.

It is understood that the sudden pullback from record highs triggered a massive
deleveraging by speculators who had bet that Bitcoin would continue to rise,
which amplified the size of the decline. Still, underlying bullish sentiment on
Bitcoin persists amid the turmoil, with inflows into newly launched spot Bitcoin
exchange-traded funds (ETFs) remaining strong, with only BlackRock's (BLK.US)
iShares Bitcoin ETF (ticker IBIT) It attracted a record inflow of $788.3 million
on Tuesday, marking the 37th consecutive day of inflows.

“With some leverage removed, the path to Bitcoin’s upside is now open, and we
expect prices to break out of highs in the short term as the uptrend resumes
immediately,” said a research note from crypto trading firm QCP Capital.

Leveraged bets

In the derivatives market, Coinglass data showed that about $818 million worth
of bullish cryptocurrency bets and $235 million of bearish bets were liquidated
in the 24 hours ending Wednesday morning ET. According to Stefan von Haenisch,
head of trading at OSL SG Pte Singapore, the total of more than $1 billion is
one of the highest levels in the digital asset bull market since the epidemic.

Even taking into account recent losses, Bitcoin’s nearly 58% gain so far in 2024
still outpaces global stock markets, supporting optimism across the digital
asset market. The index of the largest 100 tokens has gained approximately 55%
during the same period.

One of the key factors driving this situation is the approval of a Bitcoin spot
ETF by the U.S. Securities and Exchange Commission (SEC) in January this year,
after the commission’s efforts to boycott Bitcoin ETFs suffered a legal failure
last year.

The move expanded Bitcoin's mass-market accessibility and helped the
cryptocurrency industry turn the page on the 2022 bear market and subsequent
series of bankruptcies, including the collapse of Sam Bankman-Fried's FTX
exchange, which the industry once described as The tumultuous period is called
the “crypto winter.”

ETF inflows

Waves of money have poured into ETFs issued by big companies like BlackRock and
Fidelity Investments. Net inflows of approximately $8.6 billion since trading
began conflict with an impending slowdown in Bitcoin supply growth, the
so-called halving, scheduled for April. The question now is whether the recent
price swings will upset the ETF investor community.

“ETFs attract a diverse investor base and inflows have been healthy,” said Cici
Lu McCalman, founder of blockchain consultant Venn Link Partners. “Inelastic
supply will continue to provide solid support for Bitcoin’s scarcity value.”

Bitcoin’s rally began in early 2023 and helped lift the digital asset’s total
market capitalization to approximately $2.6 trillion. Bitcoin’s previous peak
was $68,991.85 in November 2021, a period when global markets were flooded with
monetary and fiscal stimulus, according to data.

Caroline Mauron, co-founder of Orbit Markets, a digital asset derivatives
liquidity provider, said: “Many traders may have been holding long positions
during the cryptocurrency winter and now finally see the opportunity to exit at
a profit. It is not clear what these positions are. How quickly it can be
absorbed by new retail and institutional interest, but we expect all-time highs
and higher levels to be tested again soon.”


2024-03-06

At 04:09 (20:09 GMT) on Wednesday, Bitcoin was trading around 67,022.7, up
10.07%. This is the largest daily gain for the currency since October 23, 2023.

This rise pushed Bitcoin's total market capitalization to $1,313.9B, accounting
for 52.29% of the total cryptocurrency market capitalization. Bitcoin's market
capitalization previously reached a high of $1,333.8B.

In the last 24 hours, the price of Bitcoin has traded between $62,848.7 and
$67,604.9.

In the past 7 trading days, Bitcoin has risen by 9.61%, and its total market
value has seen significant growth. As of press time, the total market value of
Bitcoin within 24 hours was 82.4B, accounting for 38.72% of the total market
value of all cryptocurrencies.

Over the past seven trading days, Bitcoin has traded between $60,138.2031 and
$69,063.0938. The currency is currently trading 2.95% away from its all-time
high of $69,063.09 on March 5, 2024.

Other Cryptocurrency Quotes
According to market data from Investing.com, Ethereum is currently trading at
$3,876.59, up 15.40% on the current trading day.

In addition, market data also shows that Tether is currently trading at $1.0012,
an increase of 0.15%.

The current total market value of Ethereum is $463.8B, and the current market
value of this currency accounts for 18.46% of the total market value of all
cryptocurrencies. At the same time, the current total market value of Tether is
$100.6B, accounting for 18.46% of the total market value of all
cryptocurrencies. is 4.00%.


2024-03-06
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