Shiba Inu Scales 14%, Cardano Up 10%; Hong Kong May Regulate Cryptos By July

The crypto market is showing good signs of recovery after a few bad weeks. As of 8.22 a.m., coinmarketcap data showed that cryptocurrency trading volume jumped 12.61 percent to $99.49 billion, and its market capitalization now reached $2.07 trillion, which is a 3.41 percent increase over the past 24 hours.

Meanwhile, the Hong Kong Monetary Authority (HKMA) announced its plan to regulate the cryptocurrency industry recently by July of this year. However, the regulation will be in relation to three aspects of the cryptocurrency industry. According to a draft paper advisory, HKMA wants to study how stablecoins can help process payments and how institutions authorized to handle these digital assets while also protecting investors in these assets. “Same risk, same regulation,” Bloomberg quoted Hong Kong CEO Eddie Yu as saying, after being asked about his approach to the cryptocurrency industry.

The world’s oldest cryptocurrency, Bitcoin (BTC), saw trading jump by 70.75 percent at $43,498,874,164. Its prices as of 8.22 a.m. are up 2.53 percent at $43,647.79.

“Bitcoin price surged past $43,000, the highest level this week, signaling a recovery from its 30% downtrend. The upside appears to be limited around the $45,000-$48,000 resistance area. The momentum signs for the weekly and monthly charts remain negative. , suggesting that the price hike may be limited, for now,” says Gaurav Dahaki, CEO of Bitbns.

The price of Ethereum (ETH) was also up 2.99 percent at $3,340.77. Its volume to market capitalization ratio is 0.04211.

Cardano (ADA) saw massive gains in its prices as it rose 9.99 percent to $1.31. Algorand (ALGO), known as the Ethereum killer, rose 0.11 percent at $1.45; Its market value is now $9,315,824,450. Among other major coins, Binance Coin (BNB) rose 4.04 percent to $480.91. Solana (SOL) stock rose 5.62 percent at $148.98.

Today’s biggest gainer was PAPPAY (PAPPAY), up 900.05 percent at $0.000007002. The biggest loser was AkoyaLegends (AKY), which fell 99.90 percent to $0.0001929.

Meme and DeFi coins

Dogecoin (DOGE) was up 8.67 percent at $0.1658. Its volume to market capitalization ratio is 0.04666.

Competitor Shiba Inu was up 14.58 percent at $0.0003175. ELON is trading with a significant gain of 12.09 percent at $0.000001364, Floki Inu is trading up 8.01 percent at $0.000007416, while Samoyed Coin (SAMO) is trading with a gain of 3.63 percent at $0.03078.

In the DeFi sector, YFI (yearn.finance) is trading with 0.63 percent gain at $3,326.56, Terra (LUNA) up 10.11 percent at $80.07, Avalanche (AVAX) up 7.20 percent at $95.82, Uniswap (UNI) It is down 1.40 percent at $15.90, while Aave (AAVE) is also down 1.89 percent at $214.34.

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