Hong Kong’s Yuxing Technology Acquires 78.2 Bitcoin for $6.3M
Hong Kong listed company Yuxing Technology has made major moves in the field of new energy cryptocurrency market. Between July 25 and December 31, 2024, the company purchased 78.2 Bitcoins at an average price of $80,960 per unit, for a total of $6.3 million. To fund this purchase, Yuxing must sell 6.3 million USDT at an average price of $1 per unit.
USDT earnings are directly converted into Bitcoin, which shows the company’s confidence in crypto assets. Bitcoin has deviated slightly from its last $100,000 mark and is currently trading around $95,000, despite market optimism that Bitcoin will rise this year on industry support.
Proposal to include Bitcoin in Hong Kong reserves
In a related development, Hong Kong Legislative Council member and Chairman of the Hong Kong Legislative Council Wu Jiexuan Network 3 The Virtual Assets Development Subcommittee recommended that Bitcoin be included in the region’s financial reserves. He said this was a strategic move to bring financial stability to the country and would reduce dependence on traditional assets.
Jiezhuang emphasized the importance of using Hong Kong’s “one country, two systems” framework to explore innovative financial strategies. He claimed that if the world’s major economies started adding Bitcoin to their reserves, its value would stabilize, encouraging other countries to follow suit. The result would therefore actually reduce the value of traditional assets, impacting government reserves tied to those assets.
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Efforts to strengthen cryptocurrency infrastructure
In an effort to stay ahead of the cryptocurrency game, Hong Kong Exchanges and Clearing Limited (HKEX) launched the Virtual Asset Index Series earlier this year. The index will provide a reliable price benchmark for Bitcoin (BTC) and Ethereum (ETH) pricing in Asia against global price fluctuations.
In addition, Hong Kong regulators are also about to finalize licenses for several companies. cryptocurrency exchangeincluding Crypto.com, which demonstrates the region’s commitment to becoming the world’s fintech crypto hub. Cryptocurrency development in Hong Kong is currently slow due to regulatory and licensing issues for cryptocurrency exchanges, but investors believe Bitcoin will deliver the greatest returns over traditional assets.
Trump’s Bitcoin Reserve Plan It has had a global impact, with countries discussing whether to incorporate Bitcoin into their mainstream financing models. The increase in investor confidence shows that bulls are ready to go all-in on Bitcoin.
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