April 15, 2024 4:58 AM | 2 minute read |
Hong Kong securities regulator approves Hong Kong's first spot Bitcoin (Crypto: BTC) and Ethereum (CRYPTO: ETH) Exchange Traded Fund (ETF).
what happened: Hong Kong unit of Vocera Asset Management and China Asset Management According to Reuters, the company has received regulatory approval from the Hong Kong Securities and Futures Commission (SFC) to roll out the ETF.
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This follows the US introducing the first US-listed ETF tracking spot Bitcoin just three months ago.
crypto analyst lark davis “Hong Kong just approved application for Spot Bitcoin and Ethereum ETF. Welcome to the party, China!” he wrote on social media platform X.
SEE ALSO: Iran launches drone attack on Israel as tensions escalate, causing Bitcoin to plummet
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The approval marks a milestone on Hong Kong's path to becoming the first city in Asia to recognize the popular cryptocurrency as a mainstream investment tool. The launch of a similar ETF in the US has already generated about $12 billion in net inflows, making it a benchmark for other regions.
why is it important: Crypto Analyst davis He has been vocal about the potential of virtual currencies. In early February, he predicted that Bitcoin could reach $150,000 in the next bull market. Davis predicted in April that there would be a Bitcoin boom in 2024 due to the US election and expected Federal Reserve interest rate cuts.
However, Iran's drone attack on Israel on Sunday caused the cryptocurrency market to plummet. Despite the turmoil, analysts are predicting a recovery in the altcoin market.
price action:Bitcoin rose 1.03% to $66,455 in the past 24 hours, and Ether rose 3.48% today to $3,255, according to data from BenzingaPro.
Read next: 14.8 trillion Shiba Inu tokens liquidated in just 24 hours amid market downturn
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Benzinga Neuro, Edited Kaustab Bagalkot
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