The Hong Kong Virtual Asset Consortium (HKVAC) has made some notable changes to its crypto indexes.
The Hong Kong Virtual Asset Consortium (HKVAC) has made some notable changes to its crypto indexes. In a recent statement, the HKVAC announced that Ripple's XRP has been removed from its top five global crypto index, making way for Solana to take its place. This move reflects Solana's impressive performance in recent months, which saw it surpass XRP in market capitalization.
Meanwhile, Avalanche (AVAX) has secured a spot in the top 10 index, replacing Tron's (TRX) token. This change comes after AVAX experienced a surge in value while other cryptocurrencies struggled in December 2023. The HKVAC's global large crypto index has also undergone some changes, with the addition of Internet Computer (ICP), Near Protocol (NEAR), Optimism (OP), Injective (INJ), and Immutable (IMX). These additions reflect the growing popularity and potential of these cryptocurrencies.
The HKVAC's index revisions aim to provide investors and analysts with accurate and up-to-date information on the evolving cryptocurrency market. These changes also align with Hong Kong's efforts to foster a supportive environment for the crypto industry.
The city's financial regulator has recently signaled its readiness to welcome spot crypto exchange-traded funds (ETFs), subject to certain regulatory requirements. This move indicates Hong Kong's commitment to embracing digital assets and promoting responsible innovation in the crypto space.
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