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Bitcoin price has soared past its previous all-time high of $69,000 per Bitcoin, pushing up Ethereum prices, while XRP is up 50% from its May 2023 lows. That rally is largely due to the debut of Wallfleet's StreetSpot Bitcoin Exchange Traded Fund (ETF) in January (which sparked a massive $75 trillion Bitcoin price prediction).
Now, analysts say the Hong Kong Spot Bitcoin ETF in China is expected to push Bitcoin prices higher as Elon Musk hints at an X upgrade that some Bitcoin and crypto traders believe could change the market. predicted that this could mean a “huge” earthquake is just around the corner.
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Chinese President Xi Jinping is overseeing a crackdown on Bitcoin, Ethereum, XRP and cryptocurrencies, but Hong Kong … [+]
“Hong Kong appears to allow in-kind creation and redemption of spot Bitcoin ETFs” [the second quarter of 2024]” Eric Balchunas, analyst at Bloomberg Intelligence Posted Mr. X added that unlike Wall Street's spot Bitcoin ETFs, which are cash creation only, “spot” “could help increase assets under management and trading volume in fast-growing regions.”
“This refers to a redemption mechanism, and ‘in-kind’ can provide operational simplicity and more efficient tax and cost implications,” says the newsletter “Crypto is Macro Now”. Author Noel Acheson wrote in his notes.
“Although this detail alone is not enough to ensure strong inflows, it does suggest a more open and agile approach to the potential market, which could potentially attract a wider range of participants. It also suggests that approval is near. This is a very large deal,” Acheson wrote, adding, “Asia's crypto trading volume is higher than that of the US. An order of magnitude higher (according to the data).” block. ”
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Bitcoin price has surpassed its all-time high, surpassing $70,000 per Bitcoin and rising. … [+]
China has repeatedly cracked down on Bitcoin and virtual currency transactions within the country, most recently in 2021. Since then, most Chinese citizens have no way to purchase Bitcoin, Ethereum, or XRP.
XRP
However, Hong Kong, a special administrative region of China, is gradually starting to open up its bitcoin and crypto markets to traders, creating a potential avenue for capital to flow in.
“Even a small number of Chinese investors are finding legal ways to [to invest in bitcoin] It’s going to be important,” Acheson said. coin deskwould become “huge” when added to the approval of Bitcoin ETFs in Hong Kong.
