Hang Seng, China Stocks Soar as Beijing Pledges Support Amid Equity Rout
Crypto remains stable, though liquidity thin, as markets in Hong Kong climb out from the worst slump since the 2008 recession.
Hong Kong’s stock market posted double-digit gains during the Wednesday afternoon trading session after China's State Council pledged support of the stock market.
- Xinhua reported (Chinese language) that the Financial Stability and Development Committee of the State Council pledged to keep the market stable and support overseas share listings.
- U.S. financial regulators and their Chinese counterparts are currently engaged in a dispute over the availability of Chinese company audits to U.S. officials. The U.S. has threatened to delist Chinese ADRs should these audits not be provided.
- Tencent was up nearly 20% and Alibaba hit 19% on the news.
- The broader Hang Seng index is up 9%, while the specific China tech index in Hong Kong is up 12%.
- According to state media reports, regulation of China’s tech sector will soon normalize. The government also said they would handle some of the risks for property developers.
- Bitcoin’s (BTC) price remains relatively unaffected on the news.
- The price of the world’s largest digital asset briefly touched $41,000 late morning Asia time, but was trading around $39,450, up 2.82%, at time of writing.
- Traders report that liquidity is now extremely thin in crypto, hampering dynamic market moves, as the market awaits the Fed Minutes.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
Cosa sapere:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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Ce qu'il:
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