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“This looks like a non-macro-related spot-based move, and the timing coincides with the news that Hong Kong will allow retail trading of BTC and ETH on licensed digital asset platforms as of June 1,” Noelle Acheson, author of the Crypto Is Macro Now newsletter, said in Tuesday’s edition. “This is not a total surprise – the ruling and the timing were largely expected. But confirmation matters more in a lacklustre market with headwinds coming from other vectors,” Acheson added.
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