BitcoinBTC has seen a major explosion over the past year, sending the price of Bitcoin to over $70,000, with top Wall Street executives sounding an “urgent” warning about a US dollar time bomb.
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The price of Bitcoin surpassed its previous all-time high of $69,000 per BTC – sending the price of Ethereum higher, while XRP has added 50% since its lows in May 2023 – with its rally largely due to the emergence of a fleet of Walls. Bitcoin exchange-traded funds (ETFs) hit the streets in January (leading to a massive $75 trillion Bitcoin price prediction).
Now, as Elon Musk teases an
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“It appears that Hong Kong will allow in-kind creations and redemptions for spot Bitcoin ETFs [the second quarter of 2024]”, Bloomberg Intelligence analyst Eric Balchunas to publish to
“This suggests a redemption mechanism, where ‘in-kind’ offers greater operational simplicity as well as more efficient tax and cost implications,” Noelle Acheson, author of the Crypto is Macro Now newsletter, wrote in a note.
“While these details alone are not enough to ensure strong flows, they do mean a more open and flexible approach to the potential market, which in turn could attract a wider range of participants. It also indicates that approval is approaching – and this will be a “very big deal.” “,” Acheson wrote, adding that “Asian cryptocurrency exchange volumes are much larger than those in the United States, according to data from Bloc“.
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China has repeatedly cracked down on Bitcoin and cryptocurrency trading in the country, most recently in 2021. Since then, most people in China have had no way to buy Bitcoin, Ethereum, XRPXRP, or any other cryptocurrency.
However, Hong Kong, a special administrative region in China, has begun gradually opening up the Bitcoin and cryptocurrency market to traders, creating an avenue that can allow the flow of funds.
“Even a small percentage of Chinese investors find a legal way [to invest in bitcoin] “It's going to be important,” Acheson said. CoinDeskAdding Bitcoin ETF approval in Hong Kong would be “huge.”
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