XRP Faces Unexpected Developments in Hong Kong
Hong Kong's Virtual Asset Rating Agency (HKVAC) has stirred up discussions in the global cryptocurrency community by announcing upcoming changes to its indices, effective January 19.
A surprising move in this adjustment is the exclusion of XRP from the Cryptocurrency Global Large Top5 Index.
Interestingly, Solana (SOL) has now claimed a significant position in the HKVAC Cryptocurrency Global Large Top5 Index, pushing aside XRP. This shift follows SOL’s impressive surge of almost 500% in recent months, catapulting its market capitalization to an impressive $42.5 billion. Notably, XRP’s removal comes merely three months after its addition to the index, having replaced USDC back in October 2023. The intriguing coincidence of SOL’s rise aligning with XRP’s listing on the HKVAC adds a layer of fascination to the unfolding narrative.
The latest adjustments extend to the inclusion of promising projects like ICP, NEAR, OP, INJ, and IMX into the global index. Simultaneously, TUSD, BUSD, HBAR, FIL, and MKR are set for removal. Hong Kong-based Crypto Hong Kong HKVAC, a virtual asset rating agency, had introduced virtual asset indices and exchange-traded ratings in late spring with the aim of capturing the performance of diverse cryptocurrencies, offering local investors a holistic market overview.
READ MORE: Asia Gears Up for Crypto Boom After U.S. Bitcoin ETF Approval
These modifications occur against the backdrop of a significant development in the Hong Kong cryptocurrency scene. Reports indicate that around ten fund companies are actively gearing up to launch Virtual Asset Spot ETFs in the region, with seven or eight of them already in advanced stages of development. This signals a growing appetite for cryptocurrency investment products within Hong Kong’s financial sector.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
