Hong Kong Defends Currency Peg, Bitcoin Pumps Back to $97K, US-China Trade Talks
- Hong Kong Monetary Authority intervenes with $9.4 billion to defend the HKD peg to the U.S. dollar.
- Bitcoin rises 3%, reaching $97K, as risk conditions ease and sentiment improves.
- New Hampshire creates the first state-level Bitcoin reserve, allowing up to 5% of public funds in crypto.
Tuesday, the Hong Kong Monetary Authority (HKMA) intervened in the foreign exchange market, selling HKD 73.3 billion (approximately $9.4 billion) to defend the Hong Kong dollar’s peg to the U.S. dollar. This move came after sharp volatility in regional markets, triggering reactions across currencies and money markets.
Bitcoin surged by 3% as traders responded to easing risk conditions. Additionally, a new state-level crypto policy in New Hampshire further boosted sentiment.
HKMA Intervenes as HKD Hits Band Limit
On Tuesday, the Hong Kong dollar spiked to the strong end of its trading band, nearing the 7.75 floor of its peg to the U.S. dollar. In response, the HKMA conducted two foreign exchange operations, selling HKD 73.3 billion to maintain the peg.
Related: India-Pakistan Clashes Spark Fears of Crypto Market Volatility – Is a Bitcoin Crash Looming?
According t…
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Hong Kong Defends Currency Peg, Bitcoin Pumps Back to $97K, US-China Trade Talks
- Hong Kong Monetary Authority intervenes with $9.4 billion to defend the HKD peg to the U.S. dollar.
- Bitcoin rises 3%, reaching $97K, as risk conditions ease and sentiment improves.
- New Hampshire creates the first state-level Bitcoin reserve, allowing up to 5% of public funds in crypto.
Tuesday, the Hong Kong Monetary Authority (HKMA) intervened in the foreign exchange market, selling HKD 73.3 billion (approximately $9.4 billion) to defend the Hong Kong dollar’s peg to the U.S. dollar. This move came after sharp volatility in regional markets, triggering reactions across currencies and money markets.
Bitcoin surged by 3% as traders responded to easing risk conditions. Additionally, a new state-level crypto policy in New Hampshire further boosted sentiment.
HKMA Intervenes as HKD Hits Band Limit
On Tuesday, the Hong Kong dollar spiked to the strong end of its trading band, nearing the 7.75 floor of its peg to the U.S. dollar. In response, the HKMA conducted two foreign exchange operations, selling HKD 73.3 billion to maintain the peg.
Related: India-Pakistan Clashes Spark Fears of Crypto Market Volatility – Is a Bitcoin Crash Looming?
According t…
The post Hong Kong Defends Currency Peg, Bitcoin Pumps Back to $97K, US-China Trade Talks appeared first on Coin Edition.
Read More