Shock leak reveals that China could be on the verge of driving up the prices of Bitcoin, Ethereum and XRP
Bitcoin has recovered from a weekend price slump sparked by fears the Middle East conflict could escalate into a larger war.
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Bitcoin price has risen to around $66,000 per bitcoin after falling to $60,000 on Saturday. In recent months, a fleet of new spot Bitcoin exchange-traded funds (ETFs) on Wall Street have pushed up the price of Bitcoin amid predictions of a “rapid, catastrophic” fall in the U.S. dollar.
Now, after a senior Federal Reserve official issued a stark inflation warning, several Hong Kong financial giants appeared to leak news that the Securities and Futures Commission (SFC) had approved their spot Bitcoin and Ethereum ETF applications.
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Chinese President Xi Jinping has overseen a crackdown on Bitcoin, Ethereum, XRP and cryptocurrencies in China … [+]
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China Asset Management, Bosera Capital, HashKey Capita and Harvest Global have announced that they have been granted approval to list spot Bitcoin and Ethereum ETFs in Hong Kong.
However, there was no announcement from the SFC and some of the financial giants' social media posts have since been deleted, Coindesk reported.
“Just a year after Hong Kong provided regulatory clarity for digital exchanges in June 2023, the country is once again demonstrating its push to become a leading, if not advanced, financial center for the region by allowing spot Bitcoin ETFs,” said Michael Silberberg, head of investor relations at crypto hedge fund Alt Tab Capital, said in emailed comments that it would “likely promote similar regulatory frameworks around the world.”
“This move will potentially attract more institutional investors and capital inflows into the cryptocurrency market across Asia. The move also paves the way for greater liquidity, better price discovery and improved market stability.”
The leaks have already raised expectations among crypto investors that the US and Hong Kong will compete for crypto inflows into their respective funds.
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Bitcoin price has skyrocketed, largely thanks to the arrival of a fleet of spot Bitcoins … [+]
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“It’s now a battle between Hong Kong and New York for capital flowing into their Bitcoin ETFs,” Alistair Milne, chief investment officer of the Altana Digital Currency Fund, posted on X.
Despite exceptions from analysts at Singapore-based crypto services provider Matrixport that Hong Kong's spot Bitcoin and Ethereum ETFs could see $25 billion in demand from mainland China, local crypto reporter Colin Wu claimed issuers, Those he spoke to said those outside Hong Kong would be banned from the ETFs.
The fleet of new spot Bitcoin ETFs approved by the U.S. Securities and Exchange Commission in January has attracted over $50 billion in assets under management as investors rush after a decade of applications being rejected were interested in getting involved in Bitcoin.
Wall Street giants BlackRockBLK BLK and Fidelity have emerged as the two largest new Bitcoin ETF issuers, with around $15 billion and $9 billion in assets under management, respectively.
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