The Hong Kong Virtual Asset Rating Agency (HKVAC) has caught the attention of the global cryptocurrency community with its recent advertisement of index adjustments that will take effect on January 19. The focal point of this unexpected move is the removal of XRP from its Global Large Top5 Cryptocurrency Index.
The Hong Kong Virtual Asset Rating Agency (HKVAC) has caught the attention of the global cryptocurrency community with its recent advertisement of index adjustments that will take effect on January 19. The focal point of this unexpected move is the removal of XRP from its Global Large Top5 Cryptocurrency Index.
Notably, Solana (SOL) has secured a coveted spot on the HKVAC Cryptocurrency Global Large Top5 Index, unseating XRP. This change follows SOL’s notable rise of almost 500% in recent months, boosting its market capitalization to an impressive $42.5 billion.
XRP’s removal comes just three months after its inclusion in the index, replacing USDC in October 2023. The timing of SOL’s rise coinciding with XRP’s listing on the HKVAC adds a fun layer to the narrative.
The latest adjustments also include the addition of promising projects such as ICP, NEAR, OP, INJ and IMX to the global index, while TUSD, BUSD, HBAR, FIL and MKR face elimination.
Hong Kong Crypto
HKVAC, a Hong Kong-based virtual asset rating agency, introduced virtual asset indices and exchange-traded ratings in late spring. The purpose of these indices is to capture the performance of various cryptocurrencies, offering local investors a complete overview of the market.
The new adjustments come amid another major development in Hong Kong’s cryptocurrency scene. Reports indicate that approximately ten fund companies are actively preparing to launch spot virtual asset ETFs in the region, with seven or eight of them already in advanced stages of development. This suggests a growing interest in cryptocurrency investment products within the Hong Kong financial sector.
