HKVAC Revamps Top Crypto Indexes; Ripple's XRP Replaced by Solana, Promotes Local Crypto Industry
Summary:
The Hong Kong Virtual Asset Consortium (HKVAC) made significant revisions to its premier crypto indexes, resulting in the notable ousting of certain cryptos, including Ripple's XRP, which was replaced by Solana in its top 5 global index. Other inclusions and omissions marked the updated index, happening amid Hong Kong's ongoing efforts to promote the local crypto sector. HKVAC's plans of promoting crypto ETFs came to light, include ensuring transactions through accredited platforms and institutions.
The Hong Kong Virtual Asset Consortium (HKVAC) has publicized changes to its leading 5 crypto index, prime 10 crypto index, and comprehensive crypto index. These alterations result in the removal of several prominent cryptocurrencies from these indexes. In their recent disclosure, the HKVAC, a body responsible for providing ratings for crypto trading platforms and market indexes, revealed that XRP, the native token of Ripple, has been removed from its top 5 global crypto index and replaced by Solana (SOL). Cointelegraph, last month, reported that Solana's market capitalization surpassed XRP for the first time ever, making it the fourth largest cryptocurrency. In the meantime, Avalanche (AVAX), following a significant surge in December 2023 whilst other cryptos were declining, replaced TRON (TRX) in the top 10 index. Ryan Mcmillin, Merkle Tree Capital's chief investment officer, suggested to Cointelegraph that the excitement surrounding AVAX could be attributed to the collaboration with conventional banks like JPMorgan and Citi by the Avalanche Foundation for tangible asset tokenization efforts. However, TRON has experienced a considerable performance revival following its downfall by more than 98% during the bear market cycle from 2018 to 2020. It returned to form in 2023 with a 100% rally. Some other changes included the introduction of Internet Computer (ICP), Near Protocol (NEAR), Optimism (OP), Injective (INJ), and Immutable (IMX) to the global large crypto index. Amid this, Hong Kong continually works to strengthen the crypto sector in the region. The financial authority of Hong Kong stated in December 2023 that it was primed for accepting spot crypto ETFs, coinciding with the deliberation over 11 spot Bitcoin ETF applications by the United States Securities and Exchange Commission (SEC). These applications were given the green light on January 10. The Securities and Futures Commission of Hong Kong, however, insisted that these ETFs' crypto transactions must be executed via SFC-licensed crypto platforms or accredited financial institutions. Magazine glimpse: a chat with 20-year-old Sellix founder Daniele Servadei on six key aspects.
Published At
1/14/2024 5:12:00 AM
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