Chinese TV’s Crypto ‘Bull Run’ Report Censored: Multichain Crisis and Hong Kong’s Retail Adoption

Chinese TV’s Crypto Report Censored: Multichain Crisis and Hong Kong’s Retail Adoption

Chinese state television, China Central Television (CCTV), recently aired a brief segment highlighting the adoption of cryptocurrencies in Hong Kong. The report discussed the preparations made by Hong Kong regulators for virtual asset trading platforms and their acceptance of applications. Surprisingly, the broadcast refrained from expressing any negative views on cryptocurrencies, which starkly contrasts with China’s previous ban on crypto mining and exchanges.

The news created a buzz within Chinese-speaking communities, with some anticipating a potential bull run. Binance CEO Changpeng Zhao considered it a significant development. However, the enthusiasm was short-lived, as the link to the program was taken down just two days after its airing. This incident is not an isolated case, as last month, cryptocurrency price quotes were briefly available on Douyin (Chinese TikTok), only to be removed the following day with a cautionary message about unofficial digital currencies.

Hong Kong has made notable progress in finalizing cryptocurrency regulations. The Securities and Futures Commission (SFC) announced that not only will virtual asset trading platforms be able to obtain licensing, but they will also be allowed to offer services to retail investors. This departure from their previous institution-only approach has led to exchanges like Gate.io and virtual bank ZA Bank launching trading services for retail investors under the new licensing regime.

In a recent development, Terraform Labs co-founder and CEO Do Kwon faced a setback as his bail, along with former chief financial officer Han Chong-joon’s, was revoked by the High Court of Montenegro. The two blockchain executives were apprehended after being on the run for six months and are now facing criminal proceedings in South Korea and Montenegro. The court proceedings are set to continue, with a main hearing scheduled for June 16.

The Multichain token experienced a significant drop in price, falling by 30% within 24 hours. The decline was attributed to rumours and confusion surrounding a backend node upgrade, resulting in temporarily suspended routes. The situation worsened when unverified rumors of developer arrests circulated on social media, causing panic among investors. However, the co-founders of Multichain assured the community of their safety and the continuity of operations. Nevertheless, Binance suspended certain bridge networks associated with Multichain until receiving clarity from the development team.

Additionally, memecoins such as Pepe Coin and Milady have recently experienced sharp price declines. These coins, known for their short life cycles and speculative nature, are characterized by short-term hype and speculative fervor. Developers of such tokens have explicitly stated that they hold no intrinsic value and should be approached as short-term investments.

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(Note: The content provided is for informational purposes only and should not be considered financial or investment advice. Cryptocurrency investments carry inherent risks, and readers should conduct their own research and consult with professionals before making any investment decisions.)