Yuxing Technology, a publicly listed company in Hong Kong, has made significant moves in the cryptocurrency market. Between July 25 and December 31, 2024, the company purchased 78.2 Bitcoin at an average price of $80,960 per unit, totaling $6.3 million. In order to fund this purchase, Yuxing has to sell 6.3 million USDT at an average price of $1 per unit.
The USDT proceeds were directly converted into Bitcoin, which shows how confident the firm is in crypto assets. Bitcoin is slightly out of focus from its last $100K mark and currently trading around $95K, though the market is bullish that it will get an upward boost this year with industry support.
Hong Kong’s Yuxing Technologies acquires 78.2 $BTC for $6.3M, expanding its Bitcoin holdings. pic.twitter.com/hk3plvG2Po
In a related development, Wu Jiexhuang, a member of Hong Kong’s Legislative Council and chairman of the Web3 Virtual Asset Development Subcommittee, suggested that Bitcoin should be included in the region’s financial reserves. According to him it is a strategic move to bring financial stability to the country and will reduce dependency on traditional assets.
Jiexhuang highlighted the importance of leveraging Hong Kong’s “one country, two systems” framework to explore innovative financial strategies. He claimed that if major economies in the world start adding Bitcoin to their reserves, its value will stabilize, encouraging other countries to follow suit. Hence as an outcome, it will actually drop the value of traditional assets, impacting government reserves tied to those assets.
Institutions are betting big on Bitcoin as it soars! Read Bitcoin price prediction to see how the bullish market could push it to new heights!
Efforts to Enhance Crypto Infrastructure
To stay ahead in the crypto game, The Hong Kong Exchanges and Clearing Limited (HKEX) launched a Virtual Asset Index Series earlier this year. This index will provide a reliable price benchmark that will be set for Bitcoin (BTC) and Ethereum (ETH) pricing in Asia, to address the global price fluctuations.
Moreover, Hong Kong regulators are also about to finalize licensing for several crypto exchanges, including Crypto.com which shows the region’s commitment to become the fintech crypto hub in the world. Crypto is slow at the moment in Hong Kong due to regulations and licensing issues with crypto exchanges yet investors are confident that Bitcoin will give maximum returns than traditional assets.
Trump’s Bitcoin Reserve plan has created a global impact and countries are debating whether to add Bitcoin to their mainstream financing model. Growing investor confidence shows that big bulls are ready to go all out for Bitcoin.
function subscribed_popupmodal(template_id) {
var subcribemodal = document.getElementById(‘subscribe-modal-design’);
if (subcribemodal) {
var modalContent = `
Never Miss a Beat in the Crypto World!
Stay informed and gain the edge you need to navigate the crypto world. Select your subscription now
if (storeCheckedId.length === 0) {
var unsubcribedPopUpmodal =
`
You’ve Unsubscribed Successfully
We’re sorry to see you go! Your subscription has been canceled. If you change your mind, you can re-subscribe anytime. Thank you for being part of our community!
Thank you for subscribing to our crypto and blockchain newsletter! You’ll now receive the latest news, insights, and updates straight to your inbox. Welcome to our community!
`;
let selectedSubscriptionsArray = selectedSubscriptionsString.split(‘,’);
let subscribedCategories = selectedSubscriptionsArray.map(subscription => subscription.split(‘_’)[0]);
let subscribedCategoriesString = subscribedCategories.join(‘, ‘);
subscribedmodal.innerHTML = subscribedPopupModal;
if (document.getElementById(‘selectidname’)) {
document.getElementById(‘selectidname’).textContent = subscribedCategoriesString;
}
function closeModal(template_id) {
var modalId = template_id;
var modal = document.querySelector(‘#’ + modalId); // Using querySelector to find the modal
if (Array.isArray(storeallcategory)) {
// Collect all `news_cp_category_row_id` values and remove duplicates
var allCategoryIds = storeallcategory.map(function(item) {
return String(item.news_cp_category_row_id); // Convert IDs to strings
});
var uniqueCategoryIds = Array.from(new Set(allCategoryIds)); // Get unique IDs
// Convert templateId to a string for comparison
var templateIdStr = String(templateId);
// Check if the templateId is NOT found in the unique category IDs
if (!uniqueCategoryIds.includes(templateIdStr)) {
var idNotMatchTounsubscribe = document.getElementById(‘unsubscribe_’ + templateIdStr);
var idNotMatchTosubscribe = document.getElementById(‘subscribe_’ + templateIdStr);
// Check if elements exist before applying display changes
if (idNotMatchTounsubscribe) {
idNotMatchTounsubscribe.style.display = “none”;
}
if (idNotMatchTosubscribe) {
idNotMatchTosubscribe.style.display = “none”;
}
}
} else {
console.log(“storeallcategory is not an array.”);
}
},
error: function(xhr, status, error) {
console.error(“AJAX request failed:”, status, error);
}
});
// Function to get cookies
function getCookie(name) {
let value = “; ” + document.cookie;
let parts = value.split(“; ” + name + “=”);
if (parts.length == 2) return parts.pop().split(“;”).shift();
}
// Get user token from cookies
const userToken = getCookie(‘user_token’);
if (subscribewithoutData === ‘true’ && userToken) {
// Call the modal function with the category ID
subscribed_popupmodal(subscribe_clicked_cat_id);
// Remove the flag and category ID from localStorage
localStorage.removeItem(‘subscribe_without_Login’);
localStorage.removeItem(‘subscribe_clicked_id’);
}
});
var listItems = document.querySelectorAll(‘.subscription-options li’);
if (listItems.length === 0) return;
var anyActive = false;
listItems.forEach(function(item) {
var checkbox = item.querySelector(‘input[type=”checkbox”]’);
if (checkbox) {
if (checkbox.checked) {
item.classList.add(‘active’);
anyActive = true; // Set anyActive to true
} else {
item.classList.remove(‘active’); // Remove ‘active’ class if checkbox is unchecked
}
}
});
}
function updateButtonText(anyActive) {
var subscribeButtonSpan = document.querySelector(‘.subscribe-submit .changeBtnText’);
if (subscribeButtonSpan) {
if (anyActive) {
subscribeButtonSpan.textContent=”Subscribe Now”;
} else {
subscribeButtonSpan.textContent=”Unsubscribe”;
}
}
}
function updateSubscriptionButton() {
var listItems = document.querySelectorAll(‘.subscription-options li’);
if (listItems.length === 0) return;
var anyActive = false;
listItems.forEach(function(item) {
var checkbox = item.querySelector(‘input[type=”checkbox”]’);
if (checkbox) {
if (checkbox.checked) {
item.classList.add(‘active’);
anyActive = true; // Set anyActive to true
} else {
item.classList.remove(‘active’); // Remove ‘active’ class if checkbox is unchecked
}
}
});
// Update the button text based on whether any list item has the ‘active’ class
updateButtonText(anyActive);
}
document.addEventListener(‘click’, function(event) {
var clickedItem = event.target.closest(‘.subscription-options li’);
if (clickedItem) {
var checkbox = clickedItem.querySelector(‘input[type=”checkbox”]’);
if (checkbox) {
checkbox.checked = !checkbox.checked;
updateSubscriptionButton();
}
}
});