The Hong Kong government is contemplating a cryptocurrency tax exemption for equity and hedge funds in response to the strong industry push following Donald Trump’s victory.
Hong Kong intends to remove cryptocurrency tax from private equity funds, hedge funds, and other investment vehicles for high-net-worth people (HNIs). This decision comes as it wants to lure international capital and promote itself as Asia’s financial and cryptocurrency hub. Interestingly, this announcement comes as Donald Trump’s team wants to give a significant boost to the US crypto business by exempting crypto taxes.
Hong Kong ro exempt crypto tax like Donald Trump?
The Hong Kong (HK) government noted that crypto tax is an important factor for asset managers intending to locate their business in the territory. Thus, this action will assist them in creating a “conducive environment” to attract greater capital flows and investments.
Over the last two years, the Chinese territory’s administration has taken significant steps to promote itself as a hub for all cryptocurrency activity. The development occurs at a time when the Donald Trump administration is implementing crypto-friendly legislation by hiring crypto-friendly senators.
As a result, the crypto business is set to benefit significantly, with crypto taxation playing an important role. According to reports, when Donald Trump returns to office in January, he plans to seek a cryptocurrency tax exemption.
If implemented, Hong Kong’s new cryptocurrency tax exemption regulations will provide “certainty” to family offices and investors, according to Patrick Yip, vice chair and international tax partner at Deloitte China. He added:
“This is an important step in boosting Hong Kong’s status as a financial and crypto trading hub”. Some family offices in the city currently allocate up to about 20 per cent of their portfolio to digital assets, which is “not insignificant”.
Ethena price shoots 22% amid heavy ENA accumulation by Arthur Hayes
Arthur Hayes purchased a remarkable 16.79 million ENA coins in just two days, causing the Ethena price to skyrocket and earning $1.14 million in profit.
Bitmex co-founder Arthur Hayes is on an ENA buying frenzy, resulting in more than 22% Ethena price increases in the previous 24 hours. This comes as Hayes is apparently transferring all of his Aethir (ATH) assets to Ethena (ENA) as part of a portfolio reshuffle, following significant losses in ATH.
Ethena price skyrockets on Arthur Hayes buying spree
As of press time, ENA is trading at $0.7502, up 22.50%, with a market capitalization of $2.13 billion. Hayes withdrew significant amounts of ENA from cryptocurrency market Binance in the last two days, indicating a renewed interest in the synthetic dollar system.
According to blockchain surveillance app Spot On Chain, Hayes recently withdrew an extra 10.36 million ENA tokens worth $7.49 million. This raises his two-day total to a whopping 16.79 million.
The BitMEX co-founder’s average purchase price for ENA is currently $0.66. Thus, Ethena price appreciation has resulted in an unrealized profit of $1.14 million, or more than 14% increase.
On November 26, Arthur Hayes liquidated all of his Aethir (ATH) interests, incurring an estimated loss of $815,000. However, after seeing a solid opportunity in ENA, Hayes has already recovered these losses in two days, plus some more unbooked gains.
The BitMEX co-founder has recently been promoting Solana-based joke coins, with FlowerAI (FLOWER) being his newest bet. He also profited handsomely from his early wager on Goatseus Maximus in October last month.
ENA bullish momentum and other milestones
According to Coinglass statistics, ENA open interest has increased by 23% to $374 million, while total ENA liquidations have risen to $1.29 million, with $335,000 in long liquidations and $956,000 in short liquidations. Furthermore, the total value secured on the Ethena blockchain has increased to $4.09 billion.
The Ethena blockchain is gaining popularity thanks to its synthetic money, USDe. It is supported by collateral such as Bitcoin (BTC) and Ethereum (ETH). Furthermore, the USDe differs from previous stablecoins by providing a native yield. Deribit, a prominent derivatives platform, just added USDe as crypto margin collateral.
Furthermore, Ethena Labs achieved a key milestone by surpassing a 4 billion USDe supply while providing an astounding 25% annual percentage yield (APY) to its consumers. In September, the site also debuted the UStb stablecoin, which is backed by financial giants BlackRock and Securitize.
All eyes are on the ENA bulls, who need to keep the Ethena price above the sturdy support of $0.75. If they pull this off, ENA might see another 33% increase to $1. Some investors believe that ENA will reach its all-time high of $1.5.
SHIB burn rate spikes 4500%, Shiba Inu coin to set go parabolic?
The SHIB burn rate increased dramatically by 4500% as millions of tokens were burnt. Shiba Inu coins indicate a parabolic run.
Shiba Inu coin resonated bullishness over the broader market on Thursday, with a startling 4500% increase in the SHIB burn rate. According to the most recent burn statistics, almost 50 million coins were removed from the token’s circulating supply, highlighting the cryptocurrency’s ability to continue pumping. Simultaneously, the meme coin’s intraday movement showed impressive increases, adding to confidence about the cryptocurrency’s future moves.
SHIB burn soars 4500% as over 50M coins destroyed
According to official burn tracker Shibburn’s statistics on November 28, the SHIB burn rate increased by 4483% on the previous day. This significant rise is largely due to the destruction of 53.61 million tokens. Furthermore, following the token destruction, the market supply for the dog-themed meme cryptocurrency reached 589.26 trillion SHIB.
In the introductory context, the meme coin’s token burn mechanism causes a supply reduction for the asset, which is a positive feature according to the law of supply and demand. Simultaneously, additional bullish developments appear to have improved the cryptocurrency’s market position.
Notably, Binance just increased its trade possibilities for the Shiba Inu cryptocurrency. The largest cryptocurrency exchange has launched spot grid and spot DCA for SHIB/USDC, paving the way for more capital inflows into the token’s ecosystem.
Overall, the increased burn rate and better trading possibilities created a positive atmosphere for the cryptocurrency and its price fluctuations.
Shiba Inu coin soars 5%
Shiba Inu (SHIB) prices increased by 5% at the time of reporting, reaching $0.00002557. The coin had a 24-hour low of $0.00002435 and a high of $0.00002644. As previously stated, the currency is on a positive trajectory against the backdrop of a SHIB burn rate spike and more market offers for the asset.
Simultaneously, a recent SHIB price study revealed that the meme currency is also poised for a parabolic spike ahead. This research is presented against the backdrop of many bullish patterns on the token’s chart. Overall, current market statistics show that the Shiba Inu currency has a significant potential to grow in the midst of a recent meme coin craze.
