The cryptocurrency market today is gloomy after Hong Kong decided to monitor and control all crypto trading platforms operating in Asian financial hubs.
The decision taken by the Securities and Futures Commission (SFC) of Hong Kong has caused some major crypto assets to decline sharply.
Bitcoin (BTC) recorded a decline below $ 13,500 followed by Ether (ETH) declining below $ 380.
Previously, the SFC has allowed an opt-in framework for all platforms that offer crypto trading services in the country.
However, attention to this sector is on the rise due to some platforms avoiding the oversight of policy makers.
As such, they are proposing a new licensing proposal under anti-money laundering laws, demanding that all crypto trading platforms apply for SFC licenses.
Following the announcement, the crypto market was plagued with Bitcoin assets falling below the $ 13,500 level. The price movement on the BTC / USD chart is above the Simple Moving Average 50 (SMA50) support level on the four-hour time frame (timeframe H4).
Such support momentum needs to be maintained for all major cryptocurrencies to avoid continued depreciation. Otherwise, the price is expected to retest the support levels at $ 13,250 and $ 13,000 respectively.
Currently the BTC price reaches $ 13,350 and ETH is worth $ 373.
