Hong Kong approves Bitcoin and Ethereum ETFs!

There is exciting news for cryptocurrency enthusiasts in Hong Kong as applications for Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) have been approved in Hong Kong! Following the U.S. Securities and Exchange Commission (SEC), which recently approved 11 spot BTC ETFs, Hong Kong becomes the second region to accept these investment vehicles in 2024.

But what about Ethereum? While the US has approved Bitcoin, the Ethereum ETF is still awaiting approval. But there are whispers among analysts that this could change in the US later this year.

Hong Kong is leading the way

So what is the biggest problem with approving these ETFs? So, get ready for a potential cryptocurrency market rally! We looked at how the US spot BTC ETF played a leading role in pushing Bitcoin to new heights earlier this year, with the price of Bitcoin hitting a record $73,737 in March. This surge was driven by increased investment in spot BTC ETFs.

The most important question now is whether Bitcoin and Ethereum will repeat history and surge following ETF approval in Hong Kong. All signs point to the sound of “maybe.” Drawing on the American experience, we are likely to see a similar trajectory.

Bitcoin (BTC) is poised to regain its previous all-time highs by the end of the month, according to CoinCodex. And that’s not all! The platform is optimistic about BTC’s prospects and expects it to rise to $85,906 by May 13, 2024. This is a whopping 32% increase from current levels!

Simply put, the approval of BTC and ETH ETFs in Hong Kong opens up new avenues for investors and could potentially spark another cryptocurrency craze. Keep your eyes open as the cryptocurrency roller coaster prepares for your next thrilling ride!

my deal

As soon as the news broke, I started trading BTC on Bybit and made several buys/sells within the first few hours.

Currently I am not in a leveraged position. The BTC halving is approaching this week, which could increase volatility. But I always keep the charts open to react to big moves.

final words

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You might also like our recent trading blogs on Ethereum’s price action and Bitcoin’s pre-halving crash.