They're 'Desperate' – Leak Reveals Huge Game-Changing Chinese ETF Could Capture Bitcoin Price and Crypto Market
Bitcoin has rocketed into 2024, gaining a staggering 70% since the start of the year despite fears of a “frenzied fire sale.”
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Bitcoin price has surpassed $70,000 per bitcoin, pushing the broader crypto market back to its $3 trillion peak, which Brad Garlinghouse, CEO of XRP developer Ripple, could double this year.
Now, as Bitcoin heads towards its next supply halving, a leak has revealed that China may be ready to allow people to buy Bitcoin spot exchange-traded funds (ETFs) in Hong Kong.
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Chinese President Xi Jinping has overseen a strict crackdown on Bitcoin and cryptocurrencies in China … [+]
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Bloomberg reported, citing anonymous sources, that Harvest Fund Management, an asset manager in China, could receive approval from the Hong Kong Securities and Futures Commission (SFC) to launch a spot Bitcoin ETF as early as this month.
“The significance of Hong Kong ETFs is far-reaching as they could attract new global investments and drive crypto adoption to new levels,” said Adrian Wang, managing director of Metalpha, a Hong Kong-based crypto asset manager. Reuters reported that the first Bitcoin ETF approvals in Hong Kong “likely to be announced next week.”
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, XRP or other cryptocurrencies, even though demand for the assets is not tied to China stay strong.
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Bitcoin price has surpassed $70,000 per Bitcoin this year.
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“Wild things in China as local investors pile into gold stock ETF whose premium rises to 30%, forcing it to halt trading,” Bloomberg Intelligence analyst Eric Balchunas posted on X. “Investors there are so desperate “Buying things that are not connected to their own economy or stock market that was in the gutter.”
“For those wondering, buying Bitcoin ETFs is not allowed there,” Balchunas added. “If it were, I'd guess they'd be crazy about them, considering how much Fomo [fear of missing out] They showed up for gold and US stocks.”
The Bitcoin price rise so far this year has been largely attributed to the debut of a fleet of Wall Street spot Bitcoin exchange-traded funds (ETFs) in January.
Wall Street giants BlackRockBLK 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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