Is the recent virtual currency crash already over? Probably not, but after posting sometimes significant losses over the weekend, things looked a little better for altcoins.
On Monday, a significant number of companies posted relatively modest losses, with some cautiously moving towards positive territory. In late afternoon trading, wire mesh (cipher: link) Although it only decreased slightly, sandbox's (Crypto:Sand) Prices remained flat. On the gainer side, Vechain (Code: VET) Increased by 3.5%. litecoin (Code:LTC) It recorded an increase of 0.5%.
Spot crypto ETFs appear to have been approved in major Asian markets
Major geopolitical developments usually have some impact on financial markets, and cryptocurrencies are no exception. There were fears that an Iranian attack on Israel would worsen the always volatile situation in the Middle East, but as of late Monday afternoon, the situation appeared reassuringly calming down.
More directly sparking cautious optimism was the apparent approval of spot crypto exchange-traded funds (ETFs) in Hong Kong, one of Asia's most important financial markets. Asset managers there said the enclave's Securities and Futures Commission (SFC) gave its consent for the first time. Bitcoin and Ethereum Spot ETFs were approved that day, but it was unclear how many ETFs were approved.
The move mirrors the US SEC's approval of such securities in January, sparking a huge firestorm in the prices of not only Bitcoin but many altcoins. Crypto bulls were understandably encouraged, as if the SEC was favorable to the Bitcoin ETF discovery, approval of altcoin ETFs would surely follow.
This occurred in a week that was widely expected to witness Bitcoin's latest halving. As the name suggests, a halving will see Bitcoin payments for mining the cryptocurrency cut in half (a measure that will ultimately help control the limited supply of coins). History shows that Bitcoin's price tends to rise after a halving, so investors have been buying into Bitcoin in recent weeks in hopes of a similar rise.
See Hong Kong in the coming days
As a result, investors were largely cautious as the trading week got into full swing. It is important to note that on a year-to-date basis, many of the top cryptocurrencies have seen a rapid increase in value, and in such situations people tend to worry that they are getting too expensive. there is.
In any case, there has been a lot of interest in coins and tokens lately, so perhaps another rally is in store. It may be worth keeping an eye on the Hong Kong spot crypto ETF. If the interest in that market is similar to the US experience, it could be a great driver to push crypto prices up again.
Should you invest $1,000 in VeChain Thor right now?
Before buying VeChain Thor stock, consider the following:
of Motley Fool Stock Advisor Our analyst team has identified what they believe Best 10 stocks What investors can buy right now…and VeChain Thor was not among them. These 10 stocks have the potential to generate impressive returns over the next few years.
stock advisor provides investors with an easy-to-understand blueprint for success, including guidance on portfolio construction, regular updates from analysts, and two new stocks each month.of stock advisor Since 2002, the service has more than tripled S&P 500 returns*.
See 10 stocks
*Stock Advisor will return as of April 15, 2024
Eric Volkman has positions in Bitcoin and Ethereum. The Motley Fool has positions in and recommends Bitcoin, Chainlink, and Ethereum. The Motley Fool has a disclosure policy.
“Why Altcoins Are Struggling on Mondays” was originally published by The Motley Fool
