Bitcoin rebounds above $27,000 as Hong Kong SFC permits retail crypto trading.
Hong Kong's securities regulator announced that it will allow retail trading for certain cryptocurrencies from June 1, causing Bitcoin to rise 1.7% to $27,293.64. Ether also advanced nearly 2% to $1851.91. The move is part of efforts to make Hong Kong a global crypto hub, and the regulator has already issued licenses to two platforms, OSL and Hash Blockchain. However, it is not expected to immediately result in a flood of retail buying power. The news will come out when catastrophic events such as big catalysts or trading hit a lull. Bitcoin and Ether are on their way to witnessing their worst month of 2023.