ADA rose 7% soon after Coinbase restarted withdrawals on Wednesday. Traders started facing withdrawal issues last week.

Sentiment in Asia was further buoyed after Hong Kong’s central bank, the Hong Kong Monetary Authority (HKMA), seemed to provide an open ear to crypto stakeholders in a new discussion paper.

The token was trading at $1.30 by mid-day Hong Kong time, up 6% in the past 24 hours, according to CoinGecko.

Other layer 1 tokens, such as solana (SOL), also posted gains of up to 10% in the past 24 hours.

Layer 1 refers to individual blockchains, such as Ethereum or Solana, over which developers can build applications and services.

Reports of cardano traders facing difficulties withdrawing their tokens from Coinbase spooked the market last week, pushing cardano down to $1.11 from a late December high of $1.60.

Traders were also relieved that HKMA appears to have an open mind to crypto after its chief executive solicited stakeholder feedback to build a “risk-based, pragmatic and agile regulatory regime." Hong Kong’s regulators were seen as hostile to crypto in the past

March Zheng, a Shanghai-based partner at Bizantine Capital, pointed to a continued correlation between a bullish stock market and rising crypto prices in a comment to CoinDesk.

Zheng said this correlation extends beyond layer 1 tokens to the bitcoin and ether markets. He said his fund is considering re-entering based on institutional buying volumes of those assets.