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We have brought together the past week’s most exciting events in this Good Crypto digest. If you want to get these updates as soon as we post them, follow us on Twitter or Telegram.
Quick weekly news
In light of regulatory developments, Huobi wants to expand to Hong Kong
Huobi Global, a cryptocurrency exchange, is seeking a license in Hong Kong as the region considers new regulatory measures allowing it to serve retail customers. The proposed framework mandates that crypto exchanges register with the Hong Kong Securities and Futures Commission (SFC), enabling the exchange to expand its services to the city. Huobi also plans to launch a new exchange called Huobi Hong Kong, primarily catering to institutional and high-net-worth clients. Justin Sun, the founder of Tron, confirmed this in a Twitter thread.
The SFC recently invited public comments on the new licensing proposals for Hong Kong, and the new regime is expected to come into effect in June. Following news of the expected changes, many financial service providers expressed interest in participating in the expanded system in December.
Sun indicated in an interview with Nikkei Asia that Huobi could increase its workforce in Hong Kong from 50 to 200 this year. He attributed the expansion to Hong Kong’s favorable position on cryptocurrency and the potential for retail sales.
Hedge fund shuts down after losing money on the FTX exchange
Hedge fund Galois Capital has shut down after losing half of its assets in the FTX collapse. The fund has been unable to retrieve its assets from the bankrupt exchange and has now confirmed that it will return its remaining funds to investors.
The announcement was made in a letter to investors, in which Galois Capital co-founder Kevin Zhou expressed regret and apologized for the situation. He explained that the severity of the FTX situation has made it impossible for the fund to continue its operations. Zhou also revealed that the fund would return 90% of the available funds to investors while the company would temporarily hold the remaining 10% until discussions are finalized.
Moreover, Zhou expressed his interest in selling the hedge fund’s claims, rather than waiting for the lengthy bankruptcy process that could take years. He believed that buyers of these claims would be better equipped to pursue claims in bankruptcy courts.
In the original announcement on November 12th, 2022, the hedge fund had admitted to having significant exposure to the FTX exchange. According to a report by the Financial Times, the fund subsequently halted all trading and rolled back its positions.
Collaboration of Microsoft and Ankr
Microsoft has teamed with Ankr, a provider of decentralized blockchain infrastructure, to offer a new node hosting service on the Microsoft Azure Marketplace. Ankr team tweeted: “We’ve partnered with Microsoft to support enterprises and organizations needing access to blockchain data with a reliable, easy-to-use node hosting service.”
According to Ankr, the corporate node deployment service will provide low-latency blockchain connections for Web3 projects, allowing developers to focus on growing their apps. The service can read and write blockchain data, relay transactions, and deploy smart contracts.
In addition, clients will be able to manage node hosting solutions with customized requirements for memory, bandwidth, and worldwide location for blockchain nodes, thanks to the technical integration.
Rashmi Misra, Microsoft’s general manager of AI & emerging technologies, shared her thoughts about cooperation: “Microsoft’s mission is to empower every person and every organization on the planet to achieve more. Many developers and organizations are exploring how Web3 can help solve real-world business challenges, and our partnership with Ankr will enable them to access blockchain data in a reliable, scalable, and secure way.”
Helium Network plans to move to Solana in March
Helium, the decentralized wireless network, is set to transition on March 27, according to a blog post published on February 17. The upgrade will last 24 hours, during which the current Helium blockchain will be halted. However, activities related to Proof-of-Coverage and data transfer will continue unaffected. A group of community volunteers will oversee the migration process.
The upgrade will cover all wallets, hotspots, and the state of the Helium Network, as confirmed by the Helium team. The transition period will begin at approximately 15:00 UTC / 10:00 AM ET. After the blockchain has been halted, validators will stop producing blocks, and transactions will not sync. A final snapshot of the blockchain will be taken after all accounts and tokens are migrated to the Solana blockchain. In addition, hotspots will be turned into non-fungible tokens (NFTs).
According to the Helium team, rewards generated by Proof-of-Coverage activity in the prior 24 hours will be available to claim in users’ Helium Wallet after the transition period. In addition, oracles will update claimable balances, and hotspot owners can use the new claim function.
Holders of HNT and MOBILE tokens will not need to take any action to participate in the upgrade, and the majority of hotspot owners will not need to take any action either. However, large fleet owners may be able to test specific claim functionality or develop custom wallet solutions.
A Day Trading Crypto with Reversal and Continuation Patterns
Day trading in the world of cryptocurrency involves various patterns that traders follow to make profitable trades. Two main trading patterns are reversal patterns and continuation patterns, and in this guide, we will discuss the former.
Reversal chart patterns are crucial in detecting and trading a change in trend direction. They are divided into two categories – bearish reversal pattern signals and bullish reversal pattern signals. The former indicates a trend reversal to the downside, which provides a sell signal, while the latter signals a trend reversal to the upside and provides a buy signal. These patterns usually result in higher trading volumes and can lead to significant profits.
To help you identify these reversal patterns quickly, we have created a trading patterns cheat sheet for easy visualization. Since there are many possible patterns, having a good overview of these chart reversal patterns will be essential to make profitable trades. Find more about the continuation pattern guide!
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Top Crypto Meme of the Week
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