Just like the birds of the feather, major firms in the crypto space have collapsed one after the other this year. FTX’s decline last month took the whole field by surprise. Apparently, the arrest of the stock exchange’s founder, Sam Bankman-Fried, was greeted with joy by the people in the department. It seems that Tron founder Justin Sun agreed to the exact same thing.
“After the collapse of FTX, the light appeared for the bear market!”
Tron founder Justin Sun made some surprising statements in a recent interview with Bloomberg. Sun shared his views on how the ongoing calm period is probably about to end. In this context, the Tron founder says:
First of all, I believe that the fall of FTX probably marks the end of the crypto bear market. I think this is the last bad news we got.
The view now looks relatively shaky. However, it should be noted that the domino effect still continues. As reported earlier in the day, the US-based publicly traded Bitcoin mining company Core Scientific has filed for Chapter 11 bankruptcy defense in Texas. Summarizing what the crypto market needs, Sun makes the following statement:
Right now the industry needs to come to a center to demonstrate its strength and restore customers’ trust not only in centralized exchanges, but also in the entire industry.
TRON inventor: Hong Kong embTraces crypto mode
Countries around the world are cautiously releasing new works. Two ETFs, which track crypto futures trades on the US stock market, recently headed to Hong Kong. The aforementioned ETFs are reportedly managed by CSOP Asset Management. The platform is seeking approval to list ETFs that invest in Bitcoin and Ethereum (ETH) futures trading on the Chicago Mercantile Exchange (CME).
After raising $73.6 million, these ETFs debuted on the Hong Kong stock market on Friday. This market has allowed the region’s first Securities and Futures Board (SFC) crypto ETF. Each ETF traded on Hong Kong Exchanges & Clearing (HKEX) for HK$780. In fact, Sun says Hong Kong is currently in ‘crypto-embrace mode’. He elaborates on what this means at the macro level, saying:
Hong Kong is currently in a very inclusive crypto mode. I think this marks not only the fundamental opening of crypto in Hong Kong, but also the general opening of crypto politics in China.
“They are using Hong Kong as an experiment base”
The Tron inventor also adds that regulators in China are pursuing Hong Kong’s approach to transforming it into Asia’s leading crypto hub as a test of politics for the mainland. He explains his views on this matter in the following form:
They are currently using Hong Kong as an experimental base. Thus, when they adopt crypto, they will be able to see all the feedback, all the results. That’s why I’m very optimistic. Also, I look forward to seeing the results of all Hong Kong crypto politics.