Cryptocurrency Daily Thefoxposts.com

1. Hong Kong Regulatory News This Week 1.1 Hong Kong Police Arrest Three Men for USDT Exchange Scam Involving Joss Paper link Recently, the Hong Kong police arrested three local men, aged between 31 and 34, in connection with a crypto currency fraud case. On April 12th, a 35-year-old man was defrauded while attempting to resell approximately HKD 1 million worth of Tether (USDT) in a shop in Tsim Sha Tsui. The suspects deceived the victim by displaying 3,000 pieces of Joss paper, each with a face value of HKD 500, luring him to transfer the USDT to a designated crypto currency wallet. They then made various excuses to avoid paying cash and fled the scene. 1.2 Caixin: Hong Kong Cryptocurrency ETFs Align with National Strategy link Han Tongli, CEO of Harvest Management (Hong Kong), remarked that Hong Kong, as a Special Administrative Region, can be seen as a “sandbox” leading the nation in financial innovation with early trials. If crypto currency spot ETFs are proven to operate smoothly ...

Solana bucked the trend, with its $9.5 million in inflows taking the top spot over the past week. Weekly cryptocurrency asset flows for the week ending Aug. 4 reconciled at $107 million in outflows, continuing a three-week negative trend totaling $134.8 million. Once again, the lion’s share of movement was attributed to Bitcoin (BTC). With $111 million in outflows, Bitcoin funds negated the majority of inflows for the week. According to CoinShares’ Digital Asset Fund Flows weekly report, this indicates further “profit taking” on the heels of the previous cycle’s gains. For the month leading up to the recent spate of outflows , in flows of $742 million into crypto funds  were seen, with 99% of that coming from Bitcoin. Source: CoinShares Weekly trading volumes in investment products saw a dip below the year-to-date average, according to the report, with broader on-exchange market volumes down 62% against the relative average. Regionally, only Australia and the United States show inf...