"Perhaps many people look at it with one eye but this Chinese crypto is said to have great potential."
Despite facing some resistance with the United States (US), the cryptocurrency market may be on the mend after Hong Kong allows retail trading in Bitcoin (BTC), Ethereum (ETH) and other digital assets.
It is already known that the crypto market is getting more and more affected when US regulators are continuously acting aggressively against digital asset exchanges.
Added to this is the US financial market which is increasingly failing due to the banking crisis including various economic challenges, among which are concerns about the debt ceiling and rising inflation.
However, Ripple recently joined the e-HKD Pilot Program by the Hong Kong Monetary Authority (HKMA) while crypto exchanges such as OKX and Huobi are in the process of applying for a license to operate in the country.
It is reported that the announcement to allow such retail trading has caused demand for Chinese cryptocurrencies such as Conflux (CFX) to increase.
Besides CFX, other Chinese cryptos such as Filecoin (FIL) and EOS also saw weekly gains of 7% to 8%.
Following Hong Kong's implementation of retail crypto trading on June 1, 2023, the crypto is likely to generate handsome profits in the future compared to other digital assets.
