“A very big deal” – Crypto is suddenly preparing for a massive ETF earthquake in China after the price boom in Bitcoin, Ethereum and XRP
BitcoinBTC has exploded over the last year, sending the price of Bitcoin soaring above $70,000 as top Wall Street executives sound “urgent” alarms about a U.S. dollar time bomb.
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Bitcoin price has shot past its previous all-time high of $69,000 per bitcoin – pushing Ethereum price higher, while XRP has gained 50% since its May 2023 lows – with its rally largely due to its debut A Wall Fleet Street Spot Bitcoin Exchange Traded Funds (ETFs) in January (which triggered a massive $75 trillion Bitcoin price prediction).
As Elon Musk now announces an “huge” Bitcoin price earthquake is imminent.
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crackdown on Bitcoin, Ethereum,Getty Images
“It looks like Hong Kong will allow the creation and redemption of spot Bitcoin ETFs in kind.” [the second quarter of 2024]Eric Balchunas, an analyst at Bloomberg Intelligence, wrote
“This refers to the redemption mechanism, whereby 'in-kind' provides greater operational simplicity as well as more efficient tax and cost implications,” wrote Noelle Acheson, author of the Crypto is Macro Now newsletter, in a note.
“Although this detail alone is not enough to ensure strong inflows, it does imply a more open and agile approach to the potential market, which in turn could attract a wider range of participants. It also suggests that approval is imminent – that would be the case.” “A very big deal,” Acheson wrote, adding: “According to data from The Block, Asian crypto exchange volumes are orders of magnitude larger than that in the USA.”
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All-time high, exceeds $70,000 per Bitcoin, driving up the price of Ethereum, XRP and other cryptocurrencies.Forbes Digital Assets
China has repeatedly cracked down on Bitcoin and crypto trading in the country, most recently in 2021. Since then, most people in China have had no way to buy Bitcoin, Ethereum, XRPXRP or other cryptocurrencies.
However, Hong Kong, a special administrative region of China, has begun to gradually open the Bitcoin and crypto market to traders, creating an avenue that could allow money to flow.
“Even a tiny percentage of Chinese investors find a legal route [to invest in bitcoin] “It would be significant,” Acheson told Coindesk, and the addition of Bitcoin ETF approval in Hong Kong would be “huge.”
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I am a journalist with extensive experience in technology, finance, business and business around the world. As founding editor of Verdict.co.uk, I have reported on how technology is changing the economy, political trends and the latest culture and lifestyles. I have covered the rise of Bitcoin and cryptocurrencies since 2012, charting its emergence from a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the Internet itself. I have worked and written for CityAM, the Financial Times and the New Statesman, among others. Follow me on Twitter @billybambrough or email me at billyATbillybambrough.com. Disclosure: I occasionally own a small amount of Bitcoin and other cryptocurrencies.
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