June 25 Crypto Market Outlook
Today's overall crypto market was active, mainly due to the news that Guotai Junan International was approved by the Hong Kong Securities and Futures Commission to upgrade its securities trading license and provide virtual asset trading services and related opinions. In the early trading, Guotai Junan International's stock price once soared 80%, driving the market's attention to cryptocurrencies to rise sharply. Stimulated by the news, the price of Bitcoin rose rapidly, once breaking through $107,000. Among the top 50 cryptocurrencies by market value, most of the currencies were in the green, and some cryptocurrencies closely related to the concept of financial technology had the highest increase.
Policy and financial institution trends: Guotai Junan International's approval is of great significance. As the first Chinese brokerage firm in Hong Kong that can provide a full range of virtual asset-related trading services, it has built a more solid bridge between traditional finance and the crypto market. This move not only brings new expectations of capital inflows to the crypto market, but more importantly, it enhances market confidence, indicating that traditional financial institutions are optimistic about the prospects of the crypto market, attracting more potential investors and stimulating market trading enthusiasm.
