The Hong Kong Securities and Futures Commission (SFC) has granted approval for the first spot Bitcoin exchange-traded fund (ETF) in the city. The ETF will be managed by China Asset Management (Hong Kong) and several other applicants. According to reports, China Asset Management (Hong Kong) will partner with OSL Digital Securities and BOC International Prudential Trusteeship to issue spot Bitcoin and Ether ETFs. The SFC has confirmed the reports with an official announcement as of 05:30 a.m. ET.
The approval of the spot Bitcoin ETF has boosted the price of Bitcoin to over US$66,500, signaling growth in cryptocurrency investment. The ETF is expected to provide direct access to Bitcoin's market value, and in turn, bolster Hong Kong's status as a premier destination for cryptocurrency trading and investment. Additionally, the launch of the spot Bitcoin ETF is projected to generate up to US$25 billion in demand by offering traders in China more straightforward access to digital assets.
The mining difficulty adjustment for the Bitcoin blockchain, known as the Bitcoin Halving, is scheduled to occur on April 20, according to the Nicehash countdown tracker. The halving event occurs when the reward for miners is cut in half, which is expected to reduce the volume of BTC in circulation. The supply dynamics may influence the asset's price, and as seen in previous halving cycles, Bitcoin price hits new all-time highs within 12-18 months post the halving. The recent approval of the Spot Bitcoin ETF by the US Securities and Exchange Commission (SEC) has opened the gates to institutional investment in
BTC
resulting in higher participation from traders in the weeks leading up to the halving.
In a February research note, JP Morgan wrote that "The 2024 bitcoin halving event is more than priced in on our calculations," as reported in Barron's. At the time of writing, Bitcoin price is $64,599 on Coinmarketcap.
The approval of the spot Bitcoin ETF has boosted the price of Bitcoin to over US$66,500, signaling growth in cryptocurrency investment. The ETF is expected to provide direct access to Bitcoin's market value, and in turn, bolster Hong Kong's status as a premier destination for cryptocurrency trading and investment. Additionally, the launch of the spot Bitcoin ETF is projected to generate up to US$25 billion in demand by offering traders in China more straightforward access to digital assets.
The mining difficulty adjustment for the Bitcoin blockchain, known as the Bitcoin Halving, is scheduled to occur on April 20, according to the Nicehash countdown tracker. The halving event occurs when the reward for miners is cut in half, which is expected to reduce the volume of BTC in circulation. The supply dynamics may influence the asset's price, and as seen in previous halving cycles, Bitcoin price hits new all-time highs within 12-18 months post the halving. The recent approval of the Spot Bitcoin ETF by the US Securities and Exchange Commission (SEC) has opened the gates to institutional investment in
BTC
resulting in higher participation from traders in the weeks leading up to the halving. In a February research note, JP Morgan wrote that "The 2024 bitcoin halving event is more than priced in on our calculations," as reported in Barron's. At the time of writing, Bitcoin price is $64,599 on Coinmarketcap.
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