Exciting news for crypto enthusiasts in Hong Kong as the region greenlights spot Bitcoin (BTC) and Ethereum (ETH) Exchange Traded Fund (ETF) applications! Following in the footsteps of the US Securities and Exchange Commission (SEC), which recently approved 11 spot BTC ETFs, Hong Kong becomes the second region in 2024 to embrace these investment vehicles.
But what about Ethereum? Well, while the US has given the thumbs up to Bitcoin, an Ethereum ETF is still pending approval. However, whispers among analysts suggest that this could change in the States later this year.
Hong Kong is Leading the Way
So, what’s the big deal with these ETF approvals? Well, brace yourselves for a potential crypto market rally! We’ve seen how the US spot BTC ETFs played a starring role in propelling Bitcoin to new heights earlier this year, with the coin hitting a record $73,737 in March. This surge was fueled by increased investment flowing into spot BTC ETFs.
Now, the burning question: will Bitcoin and Ethereum repeat history and surge post-ETF approval in Hong Kong? All signs point to a resounding “maybe.” If the US experience is anything to go by, there’s a good chance we’ll witness a similar trajectory.
According to CoinCodex, Bitcoin (BTC) is primed to reclaim its previous all-time high later this month. And that’s not all! The platform is bullish on BTC’s prospects, forecasting a climb to $85,906 by May 13, 2024. That’s a whopping 32% jump from current levels!
In a nutshell, the approval of BTC and ETH ETFs in Hong Kong opens up new avenues for investors and could potentially spark another crypto frenzy. Keep your eyes peeled as the crypto rollercoaster gears up for its next exhilarating ride!
My Trades
As soon as the news broke, I started trading BTC on Bybit, with several buys/sells within the first few hours.
Currently, I’m not in any leveraged positions. The BTC halving is coming this week, and it could increase volatility. But I always have my charts open to react to big moves.
Final Words
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You might also like our recent trading blogs about Ethereum’s Price Action, and Bitcoin’s Pre-halving crash.
