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.