Optimism's OP & Solana Rally: The First Mover Americas in Crypto

• Crypto Market Analysis
• Layer 2 Optimism's OP Token and Bitcoin
• Hong Kong's Crypto Regulation Updates
• Coinbase Granted Registration in France

Crypto Market Analysis

The Solana$104 5.03% blockchain's native token, SOL, came close to reaching a $100 valuation early Friday due to the platform's quick transaction speeds, low fees, and a flood of meme coin releases. This marks the third consecutive week of heightened interest in Solana, which has quickly become a favourite among on-chain traders. Indeed, both trading volumes and network fees associated with Solana have eclipsed those of Ethereum$2,315 -2.42%, which traditionally leads in these metrics. The total value of tokens locked on Solana applications has also seen a significant increase, rising from $400 million in November to $1.3 billion, matching levels last observed in July 2022.

Layer 2 Optimism's OP Token and Bitcoin

On the other hand, layer 2 Optimism$3.67 -1.41%'s OP token experienced a 23% surge in the past 24 hours. The total value locked (TVL) on Optimism is nearing the $900 million mark, according to data from DeFi Llama. Bitcoin$42,260 -0.64%, however, experienced a slight decrease on the same day.

Hong Kong's Crypto Regulation Updates

Hong Kong's financial regulators announced their readiness to consider applications for spot crypto exchange-traded funds (ETFs). Both the Securities and Futures Commission (SFC) and Hong Kong Monetary Authority (HKMA) acknowledged that the virtual asset landscape has evolved since 2018 when the SFC implemented a professional-investors only regulatory approach. More recently, the SFC updated its protocols to permit a wider range of investors to participate in spot-crypto and ETF investing. SFC CEO, Julia Leung, further indicated the regulator's shift towards allowing retail investors to purchase spot crypto ETFs and expressed openness to proposals that use innovative technology to enhance efficiency and customer experience, provided any associated risks are properly addressed.

Coinbase Granted Registration in France

Crypto exchange giant, Coinbase, announced it has obtained registration as a Virtual Asset Services Provider in France. This registration allows it to provide a comprehensive range of retail, institutional, and ecosystem products and services in the country. France's Financial Markets Authority (AMF) granted the registration, which coincided with stablecoin issuer, Circle, receiving conditional registration by the same regulator. This registration permits Coinbase to offer custody of digital assets, facilitate the buying and selling of digital assets for fiat currency, and support trading of digital assets. According to CoinGecko, Coinbase is the third-largest crypto exchange by trading volume, surpassed only by Binance and Bybit, both of which are also registered in France.

Edited by Jonathan Stoker