The price of Bitcoin has climbed above $66,000, increasing by approximately 3% within the last 24 hours. This upward trend follows announcements from several Hong Kong-based firms that their applications for Bitcoin and Ethereum spot Exchange-Traded Funds (ETFs) have been given the green light by the Securities and Futures Commission.
It was expected that the approvals would be completed by Monday, but no formal confirmation has been given by the authorities yet.
Hong Kong Approves Spot Bitcoin, Ethereum ETFs
Based on recent news, several institutions in Hong Kong have announced approval for launching spot Bitcoin and Ethereum ETFs. Among these are China Asset Management and Bosera, who made the announcement via WeChat. China Asset Management’s statement reads: “[We] have been given the green light to list spot Bitcoin and Ethereum ETFs in Hong Kong.”
” starting April 15, 2024, China Asset Management (Hong Kong) has been given the green light by the Hong Kong Securities and Futures Commission to offer virtual asset management solutions to clients. They intend to launch Exchange-Traded Funds (ETFs) enabling investment in Bitcoin and Ethereum’s spot markets.”
China Asset Management teamed up with OSL Digital Securities to implement the ETFs, according to the statement’s continuation.
China Asset Management (Hong Kong) has teamed up with OSL Digital Securities Co., Ltd., a prominent player in the digital asset sector, and BOC International Prudential Trusteeship Ltd., a trusted custodian, to explore and implement digital assets.
No Official Announcement Yet
Before any formal announcement from the Securities and Futures Commission about the approval of Bitcoin and Ethereum spot ETFs, some applicants have already made public their intentions. However, at present, the Securities and Futures Commission has yet to release a list of approved issuers for these ETFs. As I write this, certain applicant announcements have been taken down.
During the same period, QCP Capital, a digital assets trading firm based in Singapore, expressed that approved spot Bitcoin and Ethereum Exchange-Traded Funds (ETFs) would stimulate significant institutional interest during Asian business hours.
For those eager for market access outside of US business hours, participation has been restricted, but the introduction of an Asian platform offers institutional investors a new option. We anticipate a positive impact in the near term, yet acknowledge that other significant factors, including macroeconomic events, hold greater influence.
Geopolitical Tension Impacts Bitcoin
Over the weekend, Bitcoin experienced a notable decrease in value due to heightened geopolitical anxieties. Iran’s attack on Israel using drones and missiles caused markets to panic. However, most of the assault was thwarted by Israel’s defensive system, Iron Dome. With tensions gradually easing, markets bounced back swiftly, pushing Bitcoin above $65,000 and Ether beyond $3100. The crypto market was already undergoing substantial selling pressure before the geopolitical tension due to the tax season and the upcoming Bitcoin halving.
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2024-04-15 12:07