Like birds of the same feather, well-established firms from the crypto space have collapsed one after the other this year. FTX’s downfall last month took the entire space by surprise. Evidently, the arrest of the exchange’s founder Sam Bankman-Fried was cheered by the people from the industry.
In a recent interview with Bloomberg, Tron founder Justin Sun acknowledged the same. Opining on the how the ongoing sluggish phase is perhaps coming to an end, Sun said,
“I believe, first of all, the fall of FTX probably marks the end of the crypto bearish market. I believe this is the last bad news we have.”
Even though the landscape seems to be comparatively less wobbly now, it should be noted that the domino effect is still on. As reported earlier during the day, US-based publicly traded Bitcoin mining company Core Scientific is one of the latest firms to file for for Chapter 11 bankruptcy protection in Texas.
Read More: Bitcoin Mining Firm Core Scientific To File For Chapter 11 Bankruptcy
Outlining what was the need of the hour, Sun said,
“Right now the industry needs to unite together to show the strength and also to restore the confidence of customers to not only centralized exchanges, but also to the whole industry.”
Hong Kong Is in ‘Embrace Crypto Mode’: Sun
Countries from across the world have cautiously been launching new products. Two ETFs tracking US listed crypto futures recently veered into Hong Kong. The said ETFs are reportedly managed by CSOP Asset Management. This platform has been seeking approval to list ETFs that invest in Bitcoin and Ether [ETH] futures traded on the Chicago Mercantile Exchange [CME].
After raising $73.6 million, these ETFs made their debut on the Hong Kong stock exchange on Friday. That market the region’s very first Securities and Futures Commission [SFC] permitted crypto ETF. Each ETF traded for HK$780 on the Hong Kong Exchanges & Clearing [HKEX].
Read More: Hong Kong Welcomes 1st Bitcoin ETF
In fact, Sun feels that Hong Kong is in its ’embrace crypto mode’ at the moment. Elaborating on what that means on a macro level, he said,
“Hong Kong right now is in a very embrace crypto mode. I think not only this marks basically the opening up of crypto in Hong Kong but also opening up overall crypto policy in China.”
Sun also added that the regulators in China were tracking Hong Kong’s approach to turn it into a leading Asian crypto hub as a policy test for the mainland. He elucidated,
“Right now they are using Hong Kong as an experiment base so they can see all the feedback, all the results, once they adopt crypto. That’s why I’m super bullish and looking forward to seeing the results of all the Hong Kong crypto policy.”