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Bitcoin spot ETFs to receive green light in Hong Kong in April

According to a recent Reuters report, Hong Kong will become the first city in Asia to launch Bitcoin spot ETFs. Notably, initial approvals for these ETFs are expected to be announced next week, significantly exceeding industry expectations for these types of launches this year.

The revival proposed by Hong Kong

According to the report, the decision to introduce spot Bitcoin ETFs comes as Hong Kong seeks to revive its status as a preeminent financial center, in which pandemic-related restrictions have been somewhat eased, China’s economic slowdown and tensions between China and the United States.

By adopting cryptocurrency investment vehicles, Hong Kong aims to attract new global investments and take cryptocurrency adoption to new heights.

Adrian Wang, CEO of Metalpha, a Hong Kong-based crypto asset manager, emphasized the importance of introducing Bitcoin ETFs in Hong Kong, noting the potential for greater global investment and broader adoption of cryptocurrencies.

This move follows the success of the United States, which launched the first US-listed spot Bitcoin ETFs in January and attracted approximately $12 billion in net inflows, as Bitcoinist previously reported.

While the Hong Kong Securities and Futures Commission (SFC) and the three Chinese firms declined to comment, the Hong Kong units of China Asset Management and Harvest Fund Management recently obtained approval from the SFC to manage portfolios with investments greater than 10% in virtual markets. asset.

These parent companies are major mutual fund companies in China, each managing more than 1 billion yuan ($138 billion) in assets.

Bitcoin Futures Success Fuels Interest in Spot Bitcoin ETFs

Cryptocurrency trading is prohibited in mainland China. However, Chinese offshore financial institutions have shown great interest in participating in the development of crypto assets in Hong Kong.

The city had already approved ETFs for cryptocurrency futures in late 2022, with the CSOP Bitcoin Futures ETF being the largest. It has accumulated around $120 million in assets under management, up sevenfold since September 2023.

In addition to the aforementioned asset managers, Hong Kong-based Value Partners has expressed its exploration of launching a spot Bitcoin ETF, although it has not revealed whether an official application has been filed.

Additionally, at least four asset managers from mainland China and Hong Kong, including China Asset Management, Harvest Fund Management and Bosera Asset Management, have filed applications to launch Bitcoin spot ETFs.

As the regulatory landscape evolves, the introduction of spot Bitcoin ETFs in Hong Kong is expected to pave the way for greater investment opportunities and contribute to the growth and maturation of the global cryptocurrency market.

At the time of writing, the market-leading cryptocurrency has witnessed significant price volatility. It approached its all-time high on Monday and hit a high of $72,600. However, it encountered upper level resistance, falling towards the $67,600 range. This represents a 3.5% reduction in the last 24 hours alone.

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Bitcoin gives mixed signals: here are the key events to watch this week

Bitcoin (BTC) is back below $70,000 after momentarily surpassing that psychological price range on April 7. This price action suggests that the bears are still in control, which could remain the case throughout this week. As the tug-of-war continues, here are some key events to keep an eye on.

Is the pre-halving pullback over?

Crypto analyst Rekt Capital previously highlighted the phases of the Bitcoin halving, including the pre-halving pullback. He noted that the price of Bitcoin usually drops between 28 and 14 days before the Halving event. With around 12 days left until the halving event, the pre-halving pullback is believed to be over.

However, considering that the cycle has already proven to be unique, especially with BTC hitting a new all-time high (ATH) ahead of the Halving, investors will no doubt be wary of the leading cryptocurrency making one last price correction this fall week. . In one of his recent posts on X (formerly Twitter), Rekt Capital also admitted that it is still unclear whether the bottom has been reached or not.

Whale activity this week will also give an idea of the current sentiment in the market as the Halving event approaches. Significant purchases of the leading cryptocurrency suggest that Bitcoin investors believe the worst is over and are already positioning themselves for a potential parabolic rise in prices once the halving occurs.

If the whales indicate bullish sentiment, it also means that the market has likely moved into the next halving phase, which, according to Rekt Capital, is the “reaccumulation” phase. On the other hand, a wave of BTC selling this week will strengthen the bearish narrative currently affecting BTC and suggest that the pre-halving recovery bottom has not yet arrived.

Bitcoin Spot ETF and the Derivatives Market

The net flows recorded by Bitcoin Spot ETFs this week will also be instrumental in determining the current market sentiment. They have experienced mixed inflows over the past two weeks, something that gave a more pessimistic than optimistic outlook considering the amount of net inflows they were recording so far.

However, things could improve again this week, as BlackRock expanded the list of authorized participants for its iShares Bitcoin Trust (IBIT) last week. These participants include notable names such as Goldman Sachs, Citadel and Citigroup. Therefore, a significant amount of new money could flow into the IBIT ETF this week.

Meanwhile, the crypto community will be keeping an eye on the derivatives market as, depending on market volatility, many positions could be eliminated this week. Crypto analyst Ali Martinez recently revealed that nearly $72 million could be liquidated if Bitcoin recovers to $70,875. If that happens, it could be the first step in helping the bulls regain control of the market.

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Bitcoin Ordinal Subscriptions Surpass 55 Million, Reach Third Highest Daily Record

After the weekend, the number of ordinal subscriptions to the Bitcoin blockchain exceeded 55 million. Notably, on January 13, 2024, the blockchain witnessed its third-highest day of registrations, settling a staggering 477,751 registration-based transactions on Saturday. Furthermore, since first registration began in December 2022, bitcoin miners have accumulated $246 million worth of bitcoins, capitalizing on this growing trend.

Miners raised 246 million dollars with 55 million registrations

From December 28, 2023 to January 12, 2024, the pace of daily ordinal inflows into the Bitcoin blockchain slowed moderately. However, a peak occurred on Saturday, January 13, marking a record number of daily registrations. This date became the third largest in terms of registrations, with a staggering 477,751 added to the blockchain. On that day, approximately 652,483 transactions were processed, with records representing a notable 73.22% of all transfers confirmed by miners.

Continuing the trend, on Sunday, January 14, 2024, the blockchain saw another substantial 446,783 entries added to the distributed ledger system. This indicates that, of the 591,806 verified transfers, a substantial 75.49% were record-based. Furthermore, after these two record-breaking days, the total number of registrations this weekend impressively exceeded 55 million. Between these records, miners have accumulated a total of 5,750 BTC, valued at $246 million based on current BTC exchange rates.

On January 13, miners were paid about $2.7 million in registration fees, and by the next day, miners had accumulated another $4.94 million. Bitcoin miners are reaping the benefits of the fees paid for subscriptions and as of December 16, 2023, miners have collected $9.9 million in fees. Additionally, the number of entries per block has increased considerably as miners have learned ways to include as many as possible. The data also shows that there are also 278,296 recursive inscriptions in the chain.

Recursive ordinal inscriptions involve retrieving and incorporating data from existing inscriptions to create new ones. In the domain of ordinal entries traded in non-fungible token (NFT) markets, Bitcoin has taken the lead over the past 30 days, with $669.53 million in digital collectible sales. Ethereum, previously the leader in NFT blockchain, recorded $321.18 million in sales during the same period. However, on a weekly basis, BTC’s lead is marginal, with sales of $99.68 million, narrowly edging out Ethereum’s $94.42 million.

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Market cap of Bitcoin and Altcoins will reach $1.85 trillion and $2.2 trillion

Amid the current financial scenario, analysts have focused their attention on the cryptocurrency market, which is showing signs of recovery. Michaël van de Poppe, a respected figure in the trading community, recently predicted that the total cryptocurrency market capitalization could rise to a staggering $2.2 trillion. This projection comes at a time when the market is going through a consolidation phase, falling below the crucial mark of 1.6 billion dollars.

The role of Bitcoin in market dynamics

Bitcoin, the leading cryptocurrency, plays a key role in this projected growth. It recently surpassed major resistance at $38,000, prompting optimistic predictions about its future trajectory. Van de Poppe correlates the advance of Bitcoin with the potential increase in the market capitalization of cryptocurrencies. He suggests that breaking through the $1.6 trillion resistance could push the market to pre-Earth collapse levels, targeting the first $1.85 trillion and eventually reaching $2.2 trillion.

Altcoins Preparing for a Milestone

At the same time, altcoins are not far behind in this potential financial revolution. EGRAG, another market analyst, predicts that the market capitalization of altcoins will reach the trillion-dollar mark. This level of growth has not been seen since the collapse of the Terra ecosystem in May.

EGRAG recalls the dramatic decline that followed, falling from $1.268 billion in April 2022 to a low of $485 billion two months later. Currently at a 19-month high of $735.5 billion, the altcoin market is recovering steadily, indicating a possible uptrend similar to the post-May 2022 scenario.

Implications for Bitcoin and Altcoin Valuations

If these predictions come true, the impact on individual cryptocurrencies could be substantial. For Bitcoin, a total market capitalization of $1.2 trillion would mean a price increase to around $61,301 per token. Meanwhile, altcoins could see a 2.3x increase in valuation, reaching as much as $1.7 trillion. This outlook has led analysts to advise investors to watch out for a recovery around March 2024.