Cardano and Solana Set to Challenge Ethereum, Big Eyes Coin Unveils NFT Trading Cards

US lawmakers have been hesitant to embrace the cryptocurrency industry since the collapse of Signature Bank, Silvergate and Silicon Valley Banks. Colorado Senator Michael Bennet has pointed to the instability of the industry as the main reason behind US reluctance to adopt it.

“Signature Bank failed, and almost a fifth of deposits came from crypto,” he said, further stating that the industry is “notoriously unstable” and often misunderstood by those who don’t understand it.

Ambre Soubiran, CEO of Paris-based crypto market data provider Kaiko, believes that the US’ strict approach to crypto could have a significant impact on the industry’s future. “The US being stricter these days than ever on crypto and Hong Kong regulating more favorably is going to shift the center of gravity for crypto asset trading and investment towards Hong Kong,” she said.

Despite US frostiness towards the cryptocurrency market, Hong Kong is determined to become a crypto hub. Over 80 virtual asset firms have established themselves in Fragrant Harbour, and 23 crypto firms plan to do the same soon.

China’s crackdown on cryptocurrencies is pushing entrepreneurs to Hong Kong

China’s crackdown on cryptocurrencies has been in full swing since 2021. The country effectively banned financial institutions from offering cryptocurrency services. As part of the ban, banks and online payment channels are not allowed to offer trading, settlement, clearing and registration of cryptocurrencies. The move left many Chinese entrepreneurs in a gray area with no clarity in regulations and security concerns.

In contrast, Hong Kong has been committed to distinguishing itself as a global crypto hub. In 2021, the Hong Kong Securities and Futures Commission announced that it would take a different approach to crypto regulation compared to the general crypto ban in mainland China.

Xiaoba, a Chinese cryptocurrency entrepreneur, is moving his startup to Hong Kong, saying, “There is clarity and a sense of security in Hong Kong that will allow me to flourish.”

Wide-eyed coins flourish amid crypto chaos

Despite the ongoing chaos surrounding cryptocurrencies in China and the US, Big Eyes Coin (BIG) has raised over $32.5 million in its 12th phase of pre-sale. The meme token’s resilience in such a volatile market shows its potential.

Big Eyes Coin’s fierce army of Kitty Cuddlers is committed to charity and NFT fundraising. BIG is also generous, as it gives out loot boxes. Enter the code BULLRUN250 when you buy BIG or loot boxes and get a 250% bonus on BIG tokens.

Why countries are cracking down on crypto

The country’s crackdown on cryptocurrencies stems from their largely unregulated nature, which can be used for fraud, money laundering and tax evasion. The volatility of cryptocurrencies also has broader implications for the overall financial market.

The potential of crypto remains untapped

Although there are many negatives associated with the crypto market, it is still a very new form of currency and its potential is yet to be fully realized. While China’s crackdown has pushed entrepreneurs to Hong Kong, the future of cryptocurrency remains uncertain. Only time will tell if crypto will become a widely accepted form of currency or continue to be viewed with skepticism by governments and investors alike.

Find out more about Big Eyes Coin (BIG):

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