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Hong Kong Virtual Asset Consortium removes XRP from global index

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The Hong Kong Virtual Asset Consortium (HKVAC) has announced revisions to its top 5 crypto index, top 10 crypto index, and overall crypto index, leading to the exclusion of several well-known cryptos from these indices.

In a recent statement, the HKVAC outlined that XRP (XRP) had been removed from its top 5 global crypto index, being substituted with Solana (SOL).

Meanwhile, Avalanche (AVAX) took a spot in the top 10 index, replacing TRON (TRX). This comes after AVAX saw a surge while other cryptos plunged in December 2023.

Cointelegraph recently reported that certain analysts attribute this to recent partnership announcements, increased trading volumes, and a surge in total value locked. However, others suggested a shift in how altcoins are valued.

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Ryan Mcmillin, the chief investment officer at Merkle Tree Capital, previously told Cointelegraph that much of the hype around AVAX could be due to traditional banks like JPMorgan and Citi partnering with the Avalanche Foundation for real-world asset tokenization initiatives.

However, TRON has staged a significant recovery in performance since the bear market cycle of 2018-2020, during which it plummeted by over 98%. In 2023, it achieved a 100% rally.

Hong Kong Virtual Asset Consortium (HKVAC) January Statement. Source: HKVAC

Other updates included the addition of Internet Computer (ICP), Near Protocol (NEAR), Optimism (OP), Injective (INJ), and Immutable (IMX) to the global large crypto index.

This comes amid Hong Kong continuing its efforts to bolster the crypto industry within the region.

Hong Kong’s financial regulator announced on Dec. 22 that it is getting ready to receive spot crypto ETFs, amid the United States Securities and Exchange Commission (SEC) recent approval of 11 spot Bitcoin ETF applications. 

However, Hong Kong’s Securities and Futures Commission emphasized that crypto transactions conducted by these ETFs must occur through SFC-licensed crypto platforms or authorized financial institutions.

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