Prices of BitcoinBTC and cryptocurrencies – including major currencies like Ethereum, XRPXRP and Solana – have soared in recent months (with one Wall Street legend warning that the US dollar is “finished”).
The price of Bitcoin has surpassed $43,000 per BTC, adding billions to the combined Ethereum, XRP, Solana and cryptocurrency market, and would have now turned a corner, according to a surprising Bitcoin price forecast from JPMorgan.
Now, as the Federal Reserve may be about to trigger an accidental spike in Bitcoin prices, excitement around U.S. Bitcoin exchange-traded funds (ETFs) is moving toward Hong Kong, where the securities regulator has received its first immediate order for Bitcoin ETFs from… One of the largest fund managers in China.
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The local media report, translated with Google, said the regulator is looking to approve the Bitcoin exchange-traded fund as soon as “after the Spring Festival,” referring to the Lunar New Year holiday that falls on February 10 this year.
It has been reported that the SFC may follow a similar path to that of the US Securities and Exchange Commission (SEC) for Bitcoin ETF approval, allowing multiple funds to start trading at the same time.
Samsung Asset Management, which launched a bitcoin futures ETF in 2023, has reportedly said it “will not eliminate the exploration possibility to launch a spot ETF,” while financial giant Venture Smart Financial Holdings (VSFG) earlier said… From this month it aims to launch a bitcoin ETF in the first quarter of 2024.
Hong Kong is also stepping up its efforts for stablecoin rules, with several companies, including Harvest Global Investments, RD Technologies and VSFG, showing interest in stablecoin-related experiments. Bloomberg mentioned.
Earlier this month, Livio Wong, chief operating officer of Hong Kong cryptocurrency exchange HashKey, said: Bloc About 10 fund companies have begun to consider launching spot cryptocurrency ETFs in Hong Kong.
The city of Hong Kong, a special administrative region in China that is slowly being absorbed into the country, has adopted a cryptocurrency-friendly approach over the past year, with the Securities and Exchange Commission creating cryptocurrency-focused regulations in 2023 that allowed institutional and retail investors to participate in trading. Cryptocurrencies.
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Last week, A Reuters The investigation found that people in China are finding ways to trade cryptocurrencies in Hong Kong despite the 2021 ban that banned cryptocurrencies due to a lack of trust in traditional investments.
China's economic downturn “has made investing in the mainland risky, uncertain and disappointing, so people are looking to allocate assets overseas,” said a Hong Kong cryptocurrency exchange executive, who declined to be identified. Reuters. “Almost every day, we see mainland investors coming to this market.”
Cryptocurrency exchanges OKX and Binance are among those that still offer trading services to investors in China if they open bank accounts abroad, Reuters The report added, while cryptocurrency investigators at Chainalysis recently found that cryptocurrency-related activities in China have risen significantly over the past year, pushing it from 144th to 13th place in the global rankings of peer-to-peer trade volume in the country.
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