Bitcoin (BTC) dips below $63,000 as the crypto market overall slumps, with the impending debut of Hong Kong's crypto spot exchange-traded fund (ETF) failing to spark investor excitement. It shook nearby.
BTC fell during the day from $64,000 at the weekend and briefly fell to $61,800, but recovered to nearly $63,000 by mid-afternoon US time. The largest cryptocurrency by market capitalization recently hovered around $63,000, down about 1% in the past 24 hours, compared to the broader CoinDesk Market Index (CD20), which fell 3% in the same period. is also holding up.
Most of the altcoin majors also gave up their weekend gains, with Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) falling 4% to 6%.
Cryptocurrency markets have been flat in recent weeks, cooling off from last month's record Bitcoin price moves and the altcoin and memecoin frenzy, with a lack of a strong investment narrative to drive prices higher.coin desk Bitcoin and ether trend indicator Both numbers remain neutral, indicating a market with no clear direction.
Hong Kong's spot-based Bitcoin and Ether ETF will begin trading on Tuesday morning local time, but the new debut is expected to generate the same level of excitement and excitement that preceded the US spot-based Bitcoin ETF. Never evoked before. Notably, BTC nearly doubled in price in the three months leading up to its January 11th debut, with heavy inflows pushing BTC above $73,000 in March.
According to reports, an executive at China AMC, one of the three issuers of the new spot ETF to be listed in Hong Kong, expressed quiet disappointment, saying: stated at a press conference Citing seed funding for the new product, he said the first-day stock issue could exceed the $125 million raised by the company's U.S. debut.
Zhu Haokang, Head of Digital Asset Management and Family Wealth, said, “We are very confident that the scale of new listings of crypto asset spot ETFs in Hong Kong has the potential to exceed the initial issuance scale in the US.”
Wayne Huang, head of ETFs and custody at crypto exchange OSL, said the exchange has completed the first day of funding for two of its new offerings, confirming Haokang’s prediction.
“Judging by the numbers, trading certainly far exceeds the capital inflows for the US Bitcoin Spot ETF on its first day of trading,” Huang said.
Haokang also said that ETFs are beneficial for crypto prices as they provide more liquidity to the digital asset market and expand funding channels and participation.
