Hong Kong Poised To Approve Spot Bitcoin And Spot Ether ETFs: Report
Portfolio Pulse from Murtuza Merchant
Hong Kong is set to approve spot Bitcoin and Ether ETFs, potentially this week, positioning itself as a major player in the cryptocurrency ETF market. This move, reported by Bloomberg citing sources, involves Harvest Fund Management and a partnership between Bosera Asset Management and HashKey Capital as frontrunners for approval. The approval marks a shift from futures-based to spot crypto ETFs in Hong Kong, amid efforts to become a leading digital asset hub. This follows the successful launch of spot Bitcoin ETFs in the US, which have significantly boosted the cryptocurrency market.
April 12, 2024 | 12:58 pm
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POSITIVE IMPACT
Approval of spot Bitcoin ETFs in Hong Kong could further boost Bitcoin's price, following a record high of $73,798 in mid-March.
The approval of spot Bitcoin ETFs in Hong Kong is expected to attract more investors to Bitcoin, potentially increasing its price. The recent US spot Bitcoin ETFs' success, attracting $59 billion, indicates a positive market response to such financial products.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
POSITIVE IMPACT
Spot Ether ETFs' approval in Hong Kong could contribute to Ethereum's price recovery, currently trading 25% off its 2021 highs.
The anticipated approval of spot Ether ETFs in Hong Kong is likely to attract additional investment into Ethereum, aiding in its price recovery. This is in line with the broader market trend following the launch of spot Bitcoin ETFs in the US, which has positively impacted the cryptocurrency market.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 90