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First Mover Americas: HSBC’s Gold Token Introduced in HK
The latest price moves in crypto markets in context for March 27, 2024.
Updated Mar 27, 2024, 12:01 p.m. Published Mar 27, 2024, 12:01 p.m.
This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
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Financial powerhouse HSBC (HSBA) is tokenizing gold for everyday investors in Hong Kong and claiming bragging rights as the first bank to create a blockchain-based real-world asset aimed at the retail marketplace. The HSBC Gold Token, minted on the bank’s Orion digital assets platform, is available via HSBC Online Banking and HSBC HK Mobile App, the bank said in a press release on Wednesday. Banks and financial institutions are bringing a range of real-world assets (RWA) onto blockchains, both private ledgers and public networks like Ethereum, in a process known as tokenization.
Galaxy Digital (GLXY), the crypto financial services firm headed by Michael Novogratz, had a strong end to 2023 with solid operating results across its diversified business, broker Canaccord Genuity said in a research report on Wednesday. Canaccord notes that while the fourth quarter was solid, commentary about the performance of the Toronto-listed business through the end of February was even better. Positive highlights include an almost doubling of assets under management (AUM) from year-end to more than $10 billion, equity capital growing to over $2.1 billion versus about $1.5 billion at the end of the third quarter, and quarter-to-date income before tax of around $300 million, the report said.
El Salvador, the nation that made bitcoin legal tender in 2021, continues to increase its bitcoin holdings. The country’s president, Nayib Bukele, said on Monday that the nation now owns 5,700 bitcoin versus mid-March's roughly 5,690. At bitcoin's current price just above $70,000, El Salvador's bitcoin stack is worth more than $400 million. Bukele earlier this month said the country's bitcoin holdings had been moved to cold storage and published the address of its bitcoin wallet. That wallet showed just under 5,690 BTC, significantly more than the amount public trackers of El Salvador's holdings had estimated.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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These Three Metrics Show Bitcoin Found Strong Support Near $80,000
Onchain data shows multiple cost basis metrics confirm heavy demand and investor conviction around the $80,000 price level.
What to know:
- Bitcoin rebounded from the $80,000 region after a sharp correction from its October all time high, with price holding above the average entry levels of key metrics.
- The convergence of the True Market Mean, U.S. ETF cost basis, and the 2024 yearly cost basis around the low $80,000 range highlights this zone as a major area of structural support.
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