Cryptocurrencies, including Bitcoin BTC and major coins Ethereum, XRPXRP and Solana, have soared in recent months (one Wall Street legend has warned that the US dollar is “done”).
According to JPMorgan's unexpected Bitcoin price prediction, Bitcoin price will surpass $43,000 per Bitcoin, adding billions of dollars to Ethereum, XRP, Solana, and crypto markets combined. It is now possible that the situation is turning a corner.
Now, the excitement surrounding spot Bitcoin exchange traded funds (ETFs) in the US is turning to Hong Kong, as the Federal Reserve may be trying to spark an accidental Bitcoin price boom. In Hong Kong, securities regulators have received an application from a financial institution for the first spot Bitcoin ETF. China's largest fund manager.
Bitcoin's historic halving, which is expected to cause turmoil in cryptocurrency prices, is just around the corner. Sign up for free now crypto codex—Stay ahead of the market with our daily newsletter for traders, investors, and anyone interested in cryptocurrencies.
According to local media reports translated by Google, regulators are aiming to approve a spot Bitcoin ETF “after the Chinese New Year”, in honor of the Lunar New Year holiday on February 10 of this year.
The SFC may follow a similar path to the U.S. Securities and Exchange Commission (SEC) in approving a spot Bitcoin ETF, which could allow multiple funds to begin trading at the same time. It was done.
Samsung Asset Management, which launched a Bitcoin futures ETF in 2023, reportedly said, “We do not rule out the possibility of considering launching a spot ETF,'' while financial giant Venture Smart Financial… Holdings (VSFG) said earlier this month that it aims to launch a spot ETF. We plan to launch a Bitcoin Spot ETF in the first quarter of 2024.
Hong Kong is also stepping up its push for stablecoin regulations, with several companies including Harvest Global Investments, RD Technologies, and VSFG expressing interest in stablecoin-related trials. bloomberg report.
Earlier this month, Livio Wen, chief operating officer of Hong Kong crypto exchange Hashkey, said: block Around 10 fund companies have reportedly started considering the potential launch of spot crypto ETFs in Hong Kong.
Hong Kong City, a special administrative region of China that is gradually being absorbed into China, adopted a crypto-friendly approach to cryptocurrencies last year, and the SFC announced that it would be open to institutional and retail investors in 2023. It plans to enact regulations focused on virtual currencies that will allow entry. To participate in cryptocurrency transactions.
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last week, Reuters A survey has found that a lack of trust in traditional investments is causing people in China to seek ways to trade cryptocurrencies in Hong Kong despite the 2021 crypto ban.
With China's economic downturn, “mainland investments have become risky, uncertain and disappointing, so people are looking to allocate their assets overseas,” said an anonymous Hong Kong-based cryptocurrency exchange executive. He spoke at Reuters. “We see mainland investors entering this market almost every day.”
Cryptocurrency exchanges OKX and Binance are among the companies that continue to offer trading services to Chinese investors when they open overseas bank accounts. Reuters The report further adds that Chainalysis crypto experts recently found that crypto-related activity in China has surged in the last year, with the country rising from 144th to 13th in the world rankings for peer-to-peer trading volume. Ta.
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