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Japan’s GMO Coin Announces Special SGB Airdrop for XRP HoldersGMO Coin, a prominent cryptocurrency exchange operating as part of the Japanese IT conglomerate GMO Internet Group, has unveiled a unique opportunity for XRP holders. Eligible GMO Coin clients who have previously invested in XRP will receive an exclusive airdrop of Songbird (SGB) tokens.Photo by Kanchanara on UnsplashSGB token distributionThe distribution of these SGB tokens is slated for completion by September 29, offering a promising opportunity for XRP enthusiasts. To qualify for this airdrop, customers must have held XRP in their GMO Coin accounts at 09:00 on December 12, 2020. The airdrop is also being extended to those utilizing crypto asset lending services on the platform.To take advantage of the opportunity, eligible clients will need to provide a snapshot of their XRP holdings. While the exact pricing mechanism for the distribution remains undisclosed, it will be revealed at a later date. Presently, SGB is trading at approximately $0.0045, according to Malaysian cryptocurrency data aggregator CoinGecko.GMO Coin has assured its clients that they are free to manage their XRP holdings as they see fit after submitting the necessary proof. The distributions will ultimately be converted into Japanese yen and made available to clients by the end of the month.Ripple’s mixed fortunesThis development comes in the wake of a roller-coaster year for XRP holders. Ripple’s native token experienced substantial price fluctuations in response to various developments and events.One noteworthy instance occurred in mid-July when XRP surged by more than 70%. This surge followed a favorable ruling in a legal dispute between Ripple and the United States Securities and Exchange Commission (SEC).While regulatory pushback has featured strongly in the US, Ripple has sought to expand its business elsewhere with the Asian region featuring within that strategy. In June, the blockchain-based payments firm obtained in-principle approval from the Monetary Authority of Singapore (MAS) to offer its services within the city-state.Earlier this month, Ripple struck a deal with SBI Remit Co., a subsidiary of Japanese financial services conglomerate SBI Group, to enable the remittance company to utilize Ripple’s XRP cryptocurrency as a bridge currency, connecting bank accounts in the Philippines, Vietnam, and Indonesia.Songbird networkThe Songbird network serves as a canary blockchain on the Flare layer one network. Essentially, the blockchain plays a crucial role in allowing the facility to enable network architecture testing on the Flare network, including the Flare Time Series Oracle, F-Asset systems, and StateConnector.GMO Financial Holdings, the parent company behind GMO Coin, bought a 10% stake in AWR Capital, a multi-strategy crypto hedge fund, in April. Following that investment, AWR became a market maker at GMO Coin. The Japanese exchange business is ranked ninth on Forbes Digital Assets’ list of the world’s largest crypto exchanges.As GMO Coin prepares to distribute SGB tokens to eligible XRP holders, this airdrop marks a great opportunity for relevant stakeholders. It showcases the platform’s willingness to reward its customers and foster engagement within the crypto community.

Recent developments in the cryptocurrency market reveal that mainland Chinese citizens will face restrictions in purchasing Bitcoin and Ether exchange-traded funds (ETFs) in Hong Kong. This restriction stems from China's ban on crypto transactions, which has been in effect for several years. Bloomberg data analyst Jack Wang highlighted this issue, indicating that the upcoming launch of spot Bitcoin and Ether ETFs in Hong Kong will not facilitate market access for investors in mainland China.Photo by Traxer on UnsplashSpot Bitcoin and Ether ETFs approved in Hong KongDespite Hong Kong's approval of spot BTC and ETH ETFs, major Chinese asset managers such as China Asset Management, Harvest Global Investments, and Bosera have established these products through their Hong Kong subsidiaries. However, despite their close ties with mainland China, these ETF issuers are unable to offer Bitcoin or Ether exposure to investors within the jurisdiction due to regulatory constraints. Exclusion of mainland Chinese investorsWang emphasized during a Bloomberg webinar that mainland Chinese citizens will not be able to participate in these ETFs, citing a statement from the Chinese State Council issued in September 2021. This statement prohibits financial institutions from engaging in crypto-related transactions, including account creation, fund transfers, and clearing services. As a result, Chinese investors are unlikely to engage with these products in the short term. Impact on regulatory environment and market accessWang expressed skepticism about the potential impact of spot Bitcoin and Ether ETFs in Hong Kong on the regulatory environment in mainland China. He stated that the launch of these ETFs is unlikely to open the crypto market to Chinese investors in the foreseeable future. Thomas Zhu, head of digital assets at China Asset Management, noted that the eligibility of mainland Chinese investors to acquire crypto ETFs in Hong Kong depends on forthcoming regulatory modifications. He highlighted the Mainland-Hong Kong Stock Connect, which allows mainland investors to trade eligible Hong Kong stocks and ETFs since 2014. Comparison with U.S. Bitcoin ETF marketDespite optimism surrounding the launch of spot crypto ETFs in Hong Kong, Bloomberg analyst James Seyffart drew attention to the significant difference in market size between the U.S. and Hong Kong ETF markets. Seyffart pointed out that Bitcoin ETFs in the United States have more assets than all ETFs in Hong Kong combined, emphasizing the vast disparity in market scale and impact. As the launch date for spot Bitcoin and Ether ETFs in Hong Kong approaches, stakeholders continue to monitor regulatory developments and market dynamics closely. 

Despite Bitcoin’s recent decline, a South Korean analyst says investors’ trust in the market remains intact. He added that a U.S. crypto market structure bill, which Congress could approve as early as December, may give investors a chance to buy the dip ahead of a potential rebound. According to Etoday, Hong Sung-wook of NH Investment & Securities, one of South Korea’s major brokerage firms, noted that the crypto market has given back all gains made since mid-October, with Bitcoin briefly slipping below $100,000. Most altcoins also saw steep declines, erasing the advances they posted following roughly $19 billion in liquidations around Oct. 10. In this environment, Solana’s year-to-date performance has turned negative despite the recent launch of spot Solana ETFs in Hong Kong and the U.S., while Ethereum has similarly surrendered its earlier gains.Photo by Michael Förtsch on UnsplashContext from past declinesHong framed the latest pullback in a historical context. Since 2018, Bitcoin has recorded a daily closing price drop of more than 20% on seven occasions. The latest decline of about 21% from peak to trough, he said, is broadly in line with previous downturns. He added that Bitcoin is now less likely to experience the extreme volatility seen in earlier years, citing growing institutional participation and its increasing use in so-called “debasement trades,” or hedges against fiat currency inflation. Building on this, Hong attributed the recent weakness primarily to the liquidation wave and the temporary hit to sentiment. However, he argued that confidence could recover faster than in past stress events, emphasizing that trust in the market has not been fundamentally damaged, unlike in prior downturns triggered by unexpected “black swan” shocks. Policy progress could lift market moodIn the near term, Hong pointed to progress on the U.S. crypto market structure bill as a potential catalyst. Further movement on the bill, he said, could help improve sentiment, similar to the supportive reaction seen around the passage of the stablecoin GENIUS Act. Other market observers have expressed a comparable view on Bitcoin’s outlook. BeInCrypto underscored three key factors supporting its stance in an analysis published on FXStreet. First, citing Glassnode’s Accumulation Trend Score, it noted that Bitcoin has managed to hold above the $100,000 level thanks to a balance between whale sell-offs and continued accumulation by other investors. Second, expectations for U.S. interest rate cuts projected for December are seen as another supportive element. Third, Bitcoin continues to trade above its 50-week moving average (WMA), a technical level that has underpinned the market since BTC moved above it in 2023; even when brief sell-offs have pushed prices below this line, buyers have stepped in to restore it by the weekly close. Warning signs of weakening momentumAt the same time, signals of moderating momentum have emerged. Another BeInCrypto report pointed to CryptoQuant’s Bitcoin Bull Score, an on-chain metric that gauges the asset’s upside potential, which fell to zero on Nov. 6, its lowest level since January 2022, just before the market entered its last major bearish phase. This more cautious tone is reflected in institutional forecasts as well. Crypto financial services firm Galaxy Digital last week lowered its year-end price target for Bitcoin from $185,000 to $120,000. The firm cited heavy whale sell-offs, shifting investor focus toward AI, gold, and stablecoins, and the weak performance of Bitcoin-focused digital asset treasury (DAT) companies as key reasons for its downgrade. Even so, Galaxy Digital said it continues to view Bitcoin as a structurally strong asset.From a longer-term perspective, some high-profile experts have also trimmed their expectations. According to Decrypt, Ark Invest CEO Cathie Wood told CNBC she now sees Bitcoin reaching about $1.2 million in a bullish scenario by 2030, down from her previous $1.5 million target. She attributed the revision mainly to the rapid growth of stablecoins, which are expanding faster than Bitcoin and emerging as a new payment method, a trend she suggested could dilute some of Bitcoin’s potential price momentum over time.