Australia could acquire its first spot Bitcoin (BTC) exchange-traded fund later this year, according to a report from Bloomberg. The Australian Securities Exchange (ASX) could greenlight the first spot BTC ETF application by the end of 2024, according to a report.
Bloomberg notes that several issuers are lining up to launch their products on the ASX. These publishers include BetaShares, VanEck, and DigitalX. An ASX spokesperson said the exchange currently works with multiple issuers.
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Spot Bitcoin ETFs seem to be spreading like wildfire. The US SEC (Securities and Exchange Commission) approved 11 applications in January 2024. Hong Kong will begin trading the first spot BTC ETF on April 30, 2024. Australia is now preparing to join this trend.
Will Bitcoin follow the Australian Spot ETF to new all-time highs?
The US Spot BTC ETF played a key role in the crypto market rally earlier this year. Thanks to ETFs, Bitcoin hit a new all-time high of $73,737 in March. A similar pattern is likely to play out after the Hong Kong Spot BTC ETF goes live on April 30, 2024. If the Australian Spot BTC ETF gets the green light, the price of BTC could rise further.
Also read: Bitcoin: BNY Mellon reports exposure to BTC ETF
According to CoinCodex, Bitcoin (BTC) could hit a new all-time high in May. The platform predicts that BTC will reach $74,307 on May 5, 2024. Additionally, CoinCodex expects BTC to continue rising throughout this month and reach $83,238 on May 29, 2024.
Changeley also paints a bullish outlook for Bitcoin (BTC) in the coming months. According to Changelly, BTC he expects to reach an all-time high of $73,889 on May 4, 2024. Additionally, Changelly predicts that BTC will reach $84,049 on May 24, 2024.
