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Hong Kong Protects Local Currency in Forex Market Amid Capital Flight to US Dollar – Economics Bitcoin News

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Hong Kong Protects Local Currency in Forex Market Amid Capital Flight to US Dollar – Economics Bitcoin News

Following the Financial institution of England explaining that it might be meddling in U.Okay. bond markets and the Financial institution of Japan defending the yen within the overseas alternate market final week, the Hong Kong Financial Authority (HKMA) revealed it intervened in foreign exchange markets on Wednesday. Hong Kong’s central financial institution detailed that it interfered in foreign exchange markets so as to defend the Hong Kong greenback (HKD) because it confirmed indicators of weak spot towards the dollar on September 28.

HKMA Interferes in Foreign exchange Markets to Defend the HKD From Capital Flight to USD Belongings

Whereas the euro and pound sterling misplaced 12-17% towards the U.S. greenback over the past six months, there’s been a big quantity of capital flight to the dollar. The Hong Kong greenback (HKD), nevertheless, has fared higher than a myriad of fiat currencies worldwide towards the U.S. greenback.

On Wednesday, September 28, stories element {that a} “flight of capital from the Hong Kong greenback market” pushed the HKMA to step in and defend the HKD in foreign exchange markets. South China Morning Publish (SCMP) reporter Enoch Yiu defined on Wednesday that the HKMA mentioned it intervened so as to “assist the peg after the native forex hit the weaker finish of its HK$7.75 to HK$7.85 buying and selling band.”

Hong Kong Protects Local Currency in Forex Market Amid Capital Flight to US Dollar

SCMP particulars that it’s the primary time in seven weeks the central financial institution defended the HKD on this style and the HKMA has chosen to intervene within the overseas alternate market 32 instances this 12 months. Yr-to-date, the HKD/USD alternate fee is down 0.83% and the de facto central financial institution has bought HK$215 billion this 12 months.

The authority bought roughly $27.39 billion USD in 2022 and up to date stories element that the central financial institution has bought native {dollars} “at a report tempo to defend town’s forex peg.” Moreover, as Hong Kong and Japan lately tampered within the foreign exchange enviornment, India, Chile, South Korea, and Ghana have additionally defended their currencies in overseas alternate markets.

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Hong Kong’s transfer to defend the native greenback follows the HKMA, Indonesia, and the Philippines elevating benchmark financial institution charges following the US Fed’s latest fee hike on September 22. On the time, the HKMA hiked the speed by 75 foundation factors (bps) bringing the lending fee to three.5%.

The third and present chief govt of the HKMA, Eddie Yue, detailed that he didn’t see a serious danger to the territory’s housing market. “The newest fee on dangerous debt is about 1% and will alter upward a bit of bit. However it’s nonetheless low as in comparison with some worldwide ranges,” Yue remarked final week.

Tags on this story
75 foundation factors, 75bps, Benchmark Financial institution Price, Chile, DXY, Eddie Yue, Enoch Yiu, overseas alternate market, Foreign exchange markets, FX markets, Ghana, Buck, HKD, HKD/USD, HKMA, HKMA chief govt, Hong Kong, Hong Kong Central Financial institution, India, Japan, South Korea, US Greenback Foreign money Index, USD

What do you consider the HKMA stepping in to intervene in foreign exchange markets so as to defend the HKD? Tell us what you consider this topic within the feedback part under.

Jamie Redman

Jamie Redman is the Information Lead at Bitcoin.com Information and a monetary tech journalist dwelling in Florida. Redman has been an lively member of the cryptocurrency neighborhood since 2011. He has a ardour for Bitcoin, open-source code, and decentralized purposes. Since September 2015, Redman has written greater than 6,000 articles for Bitcoin.com Information in regards to the disruptive protocols rising as we speak.




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Disclaimer: This text is for informational functions solely. It isn’t a direct provide or solicitation of a suggestion to purchase or promote, or a suggestion or endorsement of any merchandise, providers, or corporations. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the creator is accountable, instantly or not directly, for any injury or loss prompted or alleged to be attributable to or in reference to the usage of or reliance on any content material, items or providers talked about on this article.

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New cryptocurrency GBTC hits 5M: What is Green Bitcoin, and why are traders backing it for its upside potential?

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New cryptocurrency GBTC hits 5M: What is Green Bitcoin, and why are traders backing it for its upside potential?
Newly rising Green Bitcoin recently crossed the $5 million milestone today as traders back the $GBTC token for huge upside potential due to its unique supply shock dynamics. The project intends to foster a flourishing blockchain full of activity through its predict-to-earn mechanism, allowing users to predict Bitcoin’s price and earn massive rewards.

With the presale rapidly progressing, the early adopter’s opportunity to get positioned at the lowest price is quickly running thin as the price consistently increases in the unique fundraising design.

Spotlight Wire

Green Bitcoin officially crossed the $5 million fundraising milestone, as traders back the predict-to-earn protocol for considerable gains in the coming weeks. The project has created a unique staking mechanism that allows users to place forecasts on the future price of Bitcoin to earn massive rewards scaled to their level of investment while earning staking rewards simultaneously.Green Bitcoin is being hailed as a greener alternative to Bitcoin. It combines Bitcoin’s legacy with Ethereum’s co-friendly proof-of-stake mechanism. As a result, Green Bitcoin has birthed an ecosystem tied to Bitcoin’s price through price predictions with no environmental impact.

The project intends for its blockchain to experience a high level of activity. Its users will consistently stake $GBTC to participate in the daily price contests and earn massive rewards. The price contests are rooted in the staking system, and the team will release new daily and weekly challenges based on Bitcoin’s price action to keep the content fresh.

What is Green Bitcoin, and how does it reward users for accurate price forecasts?

image2 (9)Spotlight Wire

Green Bitcoin introduces a novel staking ecosystem called Gamified Green Staking. This ecosystem allows users to stake $GBTC tokens to be eligible to place daily price predictions on Bitcoin’s value. Those who accurately place correct forecasts are proportionally rewarded from the daily mining rewards pool, scaled to their level of commitment to the ecosystem.Green Bitcoin pays homage to Bitcoin’s legacy. Its rewards are distributed to winners every ten minutes, in line with the original Bitcoin block schedule. Contestants can claim their accumulated rewards from the protocol once every 24 hours to keep transaction costs low. The team has allocated an enormous 27.5% of the entire $GBTC supply to provide the rewards for accurate predictions for the next two years.

image1 (11)Spotlight Wire

Users must lock their $GBTC into the Gamified Green Staking mechanism and submit their forecast before 11:30 PM EST to participate. At midnight, the smart contract will tally the day’s stakes against the actual price of Bitcoin and reward forecasts that land in the ‘Green Zone.’

As mentioned, the rewards earned depend on the level of investment made and the duration committed to the ecosystem. For example, those who have staked their $GBTC tokens in the Gamified Green Staking mechanism for more than a week are entitled to a 5% bonus on top of their regular daily rewards to recognise their extended commitment.

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Those staking their tokens while participating in the daily price contests also earn an APY reward on top of their holdings through daily passive staking. The staking currently provides a 110% APY return, further incentivising users to keep their $GBTC locked into the ecosystem.

Why are traders backing it for huge upside potential?

image5 (7)Spotlight Wire

Traders are quickly flocking to the presale, expecting upside potential for $GBTC due to its supply constraint dynamics.

Influential YouTubers ClayBro and Matthew Perryare backing the project with bullish views. They believe the unique staking system will cause $GBTC to surge following its exchange listing.

Users are required to stake their $GBTC into the ecosystem to participate in the price contests, so the tokens aren’t available for purchase on the open market. As a result, these experts predict that there might be a supply shock on centralised and decentralized exchanges as most $GBTC will be locked into the ecosystem.

Therefore, newcomers to $GBTC will likely be forced to pay higher prices to acquire the token and participate in the predict-to-earn ecosystem following the presale.

Investors are comparing the supply dynamics for Green Bitcoin as very similar to those of Bitcoin itself, which is currently experiencing a pre-halving rally ahead of its block reward cut. Both cryptocurrencies will likely experience massive supply shocks on the open market, causing prices to surge.

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How to buy $GBTC today

$GBTC can be purchased at presale prices through the project’s website. Green Bitcoin is utilising the Web3Payments gateway to ensure the safety and security of everybody investing.

  1. Go to the official $GBTC presale page.
  2. Fund your wallet with $ETH or $USDT and connect to the Web3Payments widget.
  3. Use the presale widget to swap your currency for $GBTC, entering the desired amount you wish to purchase.
  4. If you prefer plastic, order $GBTC tokens to your wallet using your credit/debit card.

Once purchased, your $GBTC will be automatically staked, allowing you to start earning a return on your investment throughout the presale stage. You can claim your $GBTC through the same portal when the token officially launches.

Overall, it’s unsurprising to see investors rushing to the $GBTC project, which, with its unique staking dynamics, is about to cause a supply shock on the open market, leading to much higher prices following the presale.

Buy $GBTC today.

Disclaimer: The above content is non-editorial, and TIL hereby disclaims any and all warranties, expressed or implied, relating to the same. TIL does not guarantee, vouch for or necessarily endorse any of the above content, nor is it responsible for them in any manner whatsoever. The article does not constitute investment advice. Please take all steps necessary to ascertain that any information and content provided is correct, updated and verified.

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Grab users can now pay using cryptocurrency

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Grab users can now pay using cryptocurrency

Grab users can now pay in cryptocurrency following a partnership between the tech company and licensed payments provider Triple-A.

Under the partnership, Grab users can top up their GrabPay wallet via digital payment tokens, said a Grab spokesperson when MARKETING-INTERACTIVE reached out.

In addition, the new feature provides users with added flexibility and convenience as it allows them to convert their digital assets, such as stablecoins, into usable funds in their GrabPay wallets. 

Don’t miss: Grab tests new feature pairing female drivers with female passengers 

Some cryptocurrencies users can make payments with include Bitcoin, XSGD, Ethereum, USDC and USDT. 

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By expanding the top-up options to include digital payment tokens, Grab can now provide users with a seamless and efficient way to access the company’s wide range of services. 

The feature is currently only available in Singapore. That said, Grab will continue to monitor user adoption and respond to demand for such services, it said. 

This isn’t Grab’s first partnership with Triple A. In 2021, Triple A partnered with Grab to allow users to buy digital currencies via GrabPay through TransCrypt. 

“Grab recognises the growing interest in digital currencies, and our partnership with Triple-A demonstrates our openness to thoughtful collaborations in this space,” said Wong Wenbin, head of GrabPay, Grab Financial Group Singapore in 2021.

“Working with players such as Triple-A who are recognised by the regulator also affirms our commitment to widen our offerings for our users in a safe and measured way.” 

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Argentine Senate Passes Reform Creating Cryptocurrency Entities Registry

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Argentine Senate Passes Reform Creating Cryptocurrency Entities Registry

The Argentine Senate passed a law that creates a registry for any institution that offers cryptocurrency services in the country. The CNV, the Argentine securities enforcer, will manage this registry, which also establishes obligations for crypto companies to deliver personal information on their customers and other data to government entities. Argentine Senate Passes Crypto Anti-Money […]

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