Best Crypto to Buy Now 3 August – Flex Coin, XDC Network, Hedera

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Hong Kong has taken a major step today in embracing cryptocurrency by granting a retail trading license to HashKey, making it the first platform in the country to receive such authorization.

This development signals Hong Kong's intent to become a crypto hub in Asia, providing easy access to digital assets for retail investors.

In light of this macroeconomic development, what are the best cryptos to buy now?

HashKey, which previously catered primarily to professional traders, has now expanded its services to include retail clients.

Leading audit firms KPMG and EY will ensure transparency in operations, while investor funds will be held in separate accounts.

The city's regulator, Securities and Futures Commission (SFC), announced the framework for licensing in June. Other platforms operating in Hong Kong earlier now have until March to apply for licenses.

The SFC is giving exchanges flexibility in choosing cryptocurrencies for retail investors, as long as they are established and liquid.

HashKey plans to introduce Bitcoin and Ethereum initially. By the end of 2023, Weng expects the user base to cross into seven figures.

The exchange is also collaborating with Standard Chartered Bank for fiat-crypto conversions. Local bank ZA Bank announced similar partnerships in May.

Hong Kong addressed money laundering concerns through industry dialogues between regulators, banks, and crypto players.

CFO Eric Zhu acknowledged the sector's cautious stance given recent crypto downturns. Since last August, Standard Chartered and HashKey have been working together for fiat backing.

OSL remains the only other SFC-licensed platform serving professional traders. While not seeking an exchange license currently, DBS Hong Kong seeks to tap its Singapore crypto exchange to deliver digital asset solutions in Hong Kong.

The licensing system and partnerships indicate Hong Kong's measured approach to providing regulated access to cryptocurrencies for the mainstream.

Retail investors eager to expand into crypto now have new licensed options for entering this asset class.

As crypto adoption continues to rise, Flex Coin, Wall Street Memes, XDC Network, Cowabunga, and Hedera are some of the best cryptos to buy now due to their strong fundamentals and/or promising technical analysis.

Flex Coin (FLEX) Retains Bullish Momentum Despite Minor Retracement

Flex Coin (FLEX) managed to reach a new all-time high (ATH) of $7.728 earlier today.

However, selling pressure saw the cryptocurrency drop to a current price of $6.045.

Despite this, it's worth noting that Flex Coin is still seeing a 4.17% increase so far today, and a significant 38% increase over the past week.

Looking at the technical indicators, there's evidence to suggest that the upward momentum may continue, albeit after a potential period of consolidation.

The moving averages, for instance, reflect a bullish bias. The 20-day EMA, currently at $4.388, remains above the 50-day EMA at $3.497, which in turn is above the 100-day EMA at $2.626.

This arrangement is a classic bullish setup, indicating that the uptrend has been consistent over the past few months.

Additionally, the RSI is currently at 73, up from yesterday's 71.46.

This implies that the market could be in an overbought condition, and there may be a correction or consolidation period in the short term before the next leg up.

The MACD histogram stands at 0.138, up from yesterday's 0.088.

The rising MACD suggests increasing bullish momentum, despite the recent selling pressure, which could mean the currency might soon resume its upward trajectory.

In terms of volume and market cap, the numbers are echoing the price action.

The market cap is up by 18.81% to $637 million, and the 24-hour volume increased by a staggering 154.18% to $1 million.

These figures underscore the heightened investor interest and potential for sustained upward movement in the medium to long term.

After retracing, the current immediate level of resistance for Flex Coin is at the Fib 0.786 level of $6.617.

Breaking this barrier would provide the bulls a needed boost to once again propel the cryptocurrency toward potential new highs.

On the flip side, the immediate support, placed at the Fib 0.618 level of $5.751, should prevent the price from freefalling, should the bears gain control.

Flex Coin's current technical indicators suggest a continuation of the bullish momentum, following a short-term consolidation or correction.

Crypto Whale Backs Wall Street Memes With $1 Million; Best Crypto to Buy Now?

Wall Street Memes ($WSM) has seen a spike in presale activity following major funding from a crypto whale.

Data from Etherscan.io on August 2 confirmed the individual's five transactions, securing 460 Ethereum ($ETH) equivalent to $WSM tokens.

With this transaction, combined with a previous investment of 93 $ETH, the crypto whale's total investment stands at around $1 million.

This endorsement has significantly propelled the presale of Wall Street Memes beyond its $20 million milestone.

There's also a mystery that's gripping the crypto community: who is this whale?

Speculation is rife, with some pointing toward a potential key figure within the crypto influencer space.

Wall Street Memes emphasize its commitment to the community.

The project's whitepaper underscores that the team will allocate 100% of the $WSM supply to the community in various ways.

They have reserved none for themselves but have marked 30% for community rewards.

There is currently an ongoing airdrop campaign that is offering a total of $50,000 worth of $WSM tokens.

These tokens will be distributed among five lucky participants as a reward.

Elon Musk has also shown awareness of Wall Street Memes, responding several times to tweets from the project's account, increasing its brand visibility.

As for the project’s future, the Wall Street Memes team has set a goal of achieving a $1 billion market cap for $WSM through various strategies and developments, including an undisc

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