Just like birds of the feather, well-established firms in the crypto space have crashed one after the other this year. FTX’s decline last month took the whole field by surprise. Apparently, the arrest of the stock exchange’s founder, Sam Bankman-Fried, was greeted with joy by the people in the industry. It seems that Tron founder Justin Sun agreed to the same thing.
“After the collapse of FTX, the light appeared for the bear market!”
Tron founder Justin Sun made some surprising statements in a recent interview with Bloomberg. Sun shared his views on how the ongoing stagnant period is perhaps about to end. In this context, the Tron founder says:
First of all, I believe the fall of FTX probably marks the end of the crypto bear market. I think this is the last bad news we got.
As you follow on Kriptokoin.com, the landscape now looks relatively shaky. It should be noted, however, that the domino effect still persists. As reported earlier in the day, the US-based publicly traded Bitcoin mining company Core Scientific has filed for Chapter 11 bankruptcy protection in Texas. Summarizing what the crypto market needs, Sun makes the following statement:
Right now the industry needs to come together to demonstrate its strength and restore customers’ trust not only in centralized exchanges, but also in the entire industry.
TRON inventor: Hong Kong embraces crypto mode
Countries around the world are cautiously launching new products. Two ETFs that track crypto futures traded on the U.S. exchange recently made their way to Hong Kong. The ETFs in question are reportedly managed by CSOP Asset Management. This platform is seeking approval to list ETFs that invest in Bitcoin and Ethereum (ETH) futures traded on the Chicago Mercantile Exchange (CME).
After raising $73.6 million, these ETFs debuted on the Hong Kong stock market on Friday. This market has authorized the region’s first Securities and Futures Commission (SFC) crypto ETF. Each ETF was traded on Hong Kong Exchanges & Clearing (HKEX) for HK780. In fact, Sun says Hong Kong is currently in ‘crypto-embrace mode’. Elaborating on what this means at the macro level, he says:
Hong Kong is currently in a very inclusive crypto mode. I think this marks not only the fundamentally opening up of crypto in Hong Kong, but also the general opening of crypto policy in China.
“They are using Hong Kong as an experiment base”
The Tron inventor also adds that regulators in China are following the approach of Hong Kong to transform it into a leading crypto hub in Asia as a policy test for the mainland. He explains his views on this matter as follows:
They are currently using Hong Kong as an experimental base. So when they adopt crypto, they will be able to see all the feedback, all the results. That’s why I’m overly optimistic. Also, I look forward to seeing the results of the entire Hong Kong crypto policy.