The dynamic realm of cryptocurrencies is coming to a close in just one week, and the broader crypto market is witnessing wild changes, mainly due to the accumulation of high-profile events. Bitcoin and Ethereum ETFs finally began trading in Hong Kong this week, drawing the attention of the crypto industry as the US FOMC meeting was held. The Shiba Inu also attracted a lot of attention, and the development of cryptographic technology further progressed.
Here's a comprehensive overview of some of this week's top headlines that seem to have garnered significant attention across the global cryptocurrency industry.
Hong Kong Bitcoin & Ethereum ETF Trading Starts: Report
In a major flurry of developments witnessed this week, spot BTC and ETH ETFs in Hong Kong have finally started trading, with three service providers emerging in Hong Kong. In particular, a partnership between China Asset Management's local arm Harvest Global Investments, Hashkey Capital and Vocera Asset Management (International) Ltd. is providing crypto ETF services in Hong Kong. This is a company with
Meanwhile, the Asian crypto ETF market got off to a slow start with a trading volume of just $12 million, but gradually gained momentum and soared to unprecedented levels. Interestingly, amidst the seismic changes brought about by the US FOMC meeting, Hong Kong recorded a monumental achievement, overtaking the US in weekly inflows into crypto ETFs.
Meanwhile, data by Arcam reveals that Vosella Hashkey holds 964 BTC and 4.29,000 ETH, further highlighting the progress in Hong Kong's BTC and ETH ETF landscape.
FOMC held: What is the scoop?
Meanwhile, the third US FOMC meeting was finally held this week, with Fed Chairman Jerome Powell keeping interest rates unchanged for the sixth consecutive time. This annals primarily brought major changes to the broader cryptocurrency market, with tokens witnessing surprising and wild price fluctuations.
Over the past week, the price of Bitcoin rose to $56,755, but the token has gradually regained upward momentum and recently topped $64,000. Similarly, against the backdrop of Bitcoin price fluctuations, altcoins have also seen large changes in price fluctuations, all due to the Fed's non-dovish stance.
On the other hand, it is also worth noting that the volatility of the virtual currency market increased after the Bitcoin halving.
Also read: Jack Dorsey pledges $21 million to Bitcoin development
Shiba Inu performs hard fork
Furthermore, Shiba Inu, one of the most famous meme coins, announced a hard fork of Shibarium this week for faster block processing and more predictable transaction fees. This hard fork, His Heimdall, comes on the heels of the Bor hard fork upgrade, primarily aimed at optimizing His SHIB’s blockchain infrastructure for future growth and adoption.
Additionally, it was noted that Whale purchased a huge amount of SHIB during the aforementioned breeding efforts, further fueling optimism regarding future Shiba Inu price trends.
Also read: Bitfinex suffers data breach, Tether CEO says 'looks like it's fake'
