According to the data, this week has been good for Bitcoin ($BTC) as it has experienced renewed strength. $BTC has surged with the defined investor sentiments, following regulatory and economic dynamics. The world’s leading cryptocurrency has reclaimed the support level at $112,500, closing the week with a 4.2 percent higher and defending lows ranging at $107,500. This strong recovery is a reflection of the signal provided by Hong Kong.

Hong Kong plans lighter bank capital rules for regulated crypto like licensed stablecoins, while keeping stricter buffers for riskier tokens like BTC & ETH.

Could this make HK a hub for institutional crypto adoption? pic.twitter.com/GUDSv73CcC

Hong Kong has decided to ease the capital rules for bank holdings. The country has regulated digital assets as licensed stablecoins, but there are certain requirements for riskier tokens, such as $BTC and $ETH. Through this groundbreaking initiative, Hong Kong has cemented its position as a hub for institutional crypto adoption. 

Through on-chain data, the dip-buying activity has revealed which is of around $108,000, forming supply clusters between $110,000 and $116,000. According to market watchers, if the price moves above $116,000, it will confirm a renewed upside momentum, considering consolidation with the short-term scenario.

Crypto whales holding Bitcoin for 3 to 6 months have gained a realized profit of $189 million daily, streamlining 80% of short-term selling. But it didn’t affect the overall momentum as it remained constructive in the time period. This week, the total of crypto market capitalization has reached up to $3.97 trillion, from 4.8 percent.

The US stagflation risk, at the same time, has continued to put pressure on financial markets. The labour market data is weaker with higher inflationary pressures. This situation shatters consumer confidence while managing a fragile economic backdrop. The households search for ways to balance their consumption with credit expansion and sustaining near-term growth.

The institutional moves will continue against this backdrop. This November, Cboe decides to offer “Continuous Futures” for Bitcoin and Ether. The 90 percent upside in the stock is the result of Robin Energy’s $5 million allocation towards Bitcoin. With these shifts, it is proven that digital assets are continuously revolutionizing the future of the global financial landscape.

Bitcoin price in Telegram @btc_price_every_hour

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