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Hong Kong Launches Second Phase of e-HKD Pilot, Focusing on Tokenization and Offline Payments
The Hong Kong Monetary Authority (HKMA) has launched the second phase of its e-HKD central bank digital currency (CBDC) pilot, renamed "Project e-HKD+." This phase involves a sandbox to test use cases across three key areas: settlement of tokenized assets, programmability, and offline payments. Participants include major financial institutions such as Bank of China, HSBC, Visa, and Mastercard. The pilot aims to assess the commercial feasibility of e-HKD for various applications, including cross-border payments and tokenized fund settlements. The HKMA plans to release key findings by the end of 2025.
Celsius Token Soars 300% Following $2.5B Creditor Repayment
Celsius Network's native token, CEL, surged over 300% a month after the bankrupt crypto lender initiated a $2.5 billion repayment scheme to over 250,000 creditors. By Sept. 23, CEL’s price reached $0.65, a significant recovery from $0.16 in late August, though still 1,287% below its all-time high. On Aug. 26, Celsius repaid approximately 84% of its $3 billion debt, with 64,000 creditors owed less than $100. Celsius had filed for bankruptcy in July 2022, resulting in significant fines and the arrest of its former CEO, Alex Mashinsky, for financial fraud and price manipulation.
China Maintains 55% Control of Bitcoin Hashrate Despite Crypto Ban
Despite China's 2021 ban on cryptocurrencies, the country remains a dominant force in Bitcoin mining, controlling over 55% of the global Bitcoin hashrate, according to CryptoQuant CEO Ki Young Ju. This is in contrast to U.S. mining pools, which manage 40% and primarily serve institutional miners. China's surprising dominance persists despite its strict regulations, but the country plans to revise its Anti-Money Laundering (AML) regulations by 2025 to cover cryptocurrency transactions. Meanwhile, Bitcoin miners worldwide faced declining revenue in August, marking their lowest earnings in a year.
Trading Desk Insights
The markets have been quite choppy, lacking any clear direction. Recently, equities have captured more attention, driven by rising valuations following post-Fed momentum. With this backdrop, the market remains vulnerable to signs of faster economic softening. Today’s release of weaker-than-expected CB Consumer Confidence data triggered a dip in both equities and crypto assets.
Bitcoin remains locked in a trading range for over 125 days, with September demonstrating unexpected strength. BTC has defied bearish seasonality with a 22% rally from a low near $52,500, keeping traders focused on a potential break above $65,000. Such a move would reestablish bullish sentiment by surpassing previous highs.
Meanwhile, the People's Bank of China took aggressive steps this week to address its economic slowdown. In a rare press briefing, the PBOC cut the reserve requirement ratio by 50 basis points and lowered the minimum down payment on mortgages to 15%. These measures aim to stabilize domestic markets, but the global impact remains uncertain.
On the ETF front, BTC flows have been relatively quiet, while ETH saw its largest outflow since July, with $79.3 million exiting, primarily through Grayscale's ETHE fund. This signals waning institutional interest in ETH despite its recent 10% rally.
In other developments, crypto prediction market platform Polymarket is reportedly seeking $50 million in new funding, with plans to potentially launch its own token.
Additionally, TIA tokens emerged as one of the day's top performers, rising 17% after announcing a $100 million fundraise to support its ecosystem expansion.
Crypto Charts
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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