As The Economy Isn't Breaking Just Yet, First Mover Asia: Bitcoin Maintains $30K

Singapore placed second in CoinDesk's assessment of Crypto Hubs. The city state earned billions of dollars through initial public offerings (IPOs), survived the demise of domestic darlings Terraform Labs and Three Arrows Capital, and is currently looking for the ideal regulatory balance to promote cryptocurrency without getting burnt once again.

Source: wallpaper.dog

The market is still upbeat about a Bitcoin ETF, and positive U.S. economic data is keeping it that way. Singapore's rating as the second-best hub in the CoinDesk Hubs study may be partly attributed to its legal framework, ease of doing business, and digital infrastructure.

At $30K, Bitcoin Is Comfortable

Positive economic news from the U.S. has boosted markets, and the majority of major digital assets are starting the East Asia trading day strongly in the green. According to CoinDesk statistics, Ether is up 0.9% and trading at $1,874, while Bitcoin was up 1% and trading at $30,585. Layer 2 tokens like Polygon, which recently had gains of 3%, respectively, were also up.

Bitcoin Price Action. Source: Coindesk

There was a lot of US economic data released today, says Edward Moya, senior market analyst at OANDA, and the primary takeaway was that the economy is not yet coming down. The interest in Bitcoin is still high as Fidelity enters the hunt for the coveted Bitcoin ETF. There is hope that one of these financial behemoths will complete one by the end of the summer. Moya recently stated at a CoinDesk TV interview that Bitcoin may hit $40,000 before the year is over.

Investors are watching Bitcoin trade over the 30,000 milestones to see if the rise can continue. Initial resistance is at the 34,000 level, and institutional momentum may push the surge as far as the $40,000 level if a Bitcoin ETF is approved, he told CoinDesk. Any major setbacks such as the BlackRock ETF dismissal and a Grayscale failure could momentarily kill the rally, but hope will still exist that the ETF will ultimately get done, said the author.

Research on Singapore

The Asian Crypto Wealth Hub Singapore is prepared for a reset, Singapore, a city-state well known for its effective governance, received the highest overall scores for the three factors it could influence: regulatory structure (35% of the total score and part of the drivers' category), digital infrastructure (12%), and ease of doing business (10%). Despite average rankings for quality of life (because of a relatively high cost of living) and per-capita crypto jobs, firms, and events (which make up the opportunities' category), it was enough to secure second place.

(Ian Suarez/CoinDesk)

According to the 2023 Global Financial Centres Index, 2020 saw the passage of the Payment Services License Act by the Monetary Authority of Singapore (MAS). Pamela Lee, the Head of APAC Sales at Talos, a company that develops institutional-grade technology for digital asset trading, noted that many firms were rushing to Singapore for licensing due to the region's distinction as the first to establish a comprehensive regulatory framework for digital assets.

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