Mainland Chinese citizens will not be able to purchase Bitcoin and Ether ETFs in Hong Kong because mainland China banned crypto transactions years ago.
Chinese 'Crypto Dad' faces government investigation
Yao Qian, the first director of CBDC development at China’s central bank, is reportedly under investigation for suspected law violations.
Hong Kong Bitcoin, Ether ETF structures revealed ahead of April 30 launch
The spot exchange-traded funds will be denominated in the United States dollar, Hong Kong dollar, and Chinese yuan.
Spot Bitcoin, Ether ETFs Get Official Approval in Hong Kong; ‘Potential Fee War’ Unfolding, Says Analyst
One of the issuers waived management fees for the first six months, undercutting rival offerings.
Analysts Identify Key Scenario For Bitcoin Hitting $100,000
Prior to the Bitcoin Halving event, BTC’s price saw considerable instability, but it has since rebounded, reaching the $66,000 level, triggering bullish predictions from top crypto analysts regarding the coin’s future path.
Captain Faibik, a crytocurrency analyst and trader, has emerged with an intriguing prediction, underscoring a narrative that could potentially propel the price of Bitcoin to the coveted $100,000 mark in the upcoming months.
Bitcoin Poised For A Notable Rally To $100,000
According to Captain Faibik, Bitcoin has managed to hold the $60,000 support level in the wake of bullish investors in the market. As a result, the largest crypto asset by market cap is currently making a strong comeback.
These bullish investors, according to Faibik must reclaim the crucial $72,000 resistance level in order to see a major rally to the $100,000 price level. This scenario acts as a ray of hope for the cryptocurrency community, igniting speculations and influencing projections about Bitcoin’s potential for future growth. Given the anticipated impact of the Bitcoin Halving and bulls, the $72,000 level could be realized in the short term.
The expert previously highlighted that the Bitcoin weekly candle closed above the Exponential Moving Average (EMA) 10, demonstrating that the bulls are still very much in charge of the market. Following the Descending Channel break out in October last year, BTC Bulls has firmly secured the weekly EMA10, prompting the crypto analyst to put his next price target for the digital asset at $100,000.
Faibik also noted that the daily Relative Strength Index (RSI) for Bitcoin has emerged from a falling wedge pattern. This breakout suggests that a 15% to 20% bullish rally in Bitcoin’s value is on the horizon.
Meanwhile, in the daily timeframe, a bullish flag formation is underway, and in the event of an upward breakout from the bullish flag, Faibik anticipates a new all-time high for Bitcoin by May.
Is A $1.5 million Price Level Possible For BTC?
One of the most bullish predictions for Bitcoin this year came from Ark Invest Chief Executive Officer (CEO) Cathie Wood. The CEO foresees the digital asset to rise by over 2,000% reaching a whopping $1.5 million by 2030.
During an interview in Hong Kong, Wood reiterated her projections for BTC, which were supported by a thorough investigation that included institution surveys and evaluations of market volatility.
She stated:
I have been asked this question from different angles, and our analysis from multiple perspectives indicates that by 2030, Bitcoin could rise to $1.5 million. This price prediction is based on a survey of institutions, using a discount rate and volatility analysis.
Initially, Wood’s forecast for Bitcoin was estimated at $600,000 in the next six years. However, considering the effect of the Bitcoin Spot Exchange-Traded Funds (ETFs), she now believes the coin has the potential to hit $1.5 million.
Hong Kong Bitcoin and Ether ETFs officially approved to start trading on April 30
Hong Kong’s financial regulator has officially approved the first batch of spot Bitcoin and Ether ETFs for trading.
BTC, ETH Rise as Hong Kong Bitcoin ETF Applicants Say They’ve Been Approved
The Securities and Futures Commission, Hong Kong’s markets regulator, has not made an official announcement.
Bitcoin Back in Green as Crypto Market Awaits Hong Kong Spot ETF Decision
The market has shaken off concerns of escalations between Iran and Israel as the U.S. appears to have talked Israel out of a counter-attack.
Hong Kong Could Approve Spot Bitcoin, Ether ETFs as Early as Monday: Bloomberg
Hong Kong could approve approve spot bitcoin (BTC) and ether (ETH) exchange-traded funds as early as Monday, Bloomberg said, citing two people familiar with the matter.
TON Foundation Teams Up With HashKey to Drive Crypto On-Ramping in Telegram
HashKey and the Foundation are focussing their partnership on Hong Kong in the first phase.
Bitcoin To $100,000: Can Hong Kong’s Spot ETFs Make It Happen?
In a recent analysis, Stanislas Bernard, the founder of Sinz 21st.Capital, delved into the complexities surrounding Hong Kong’s consideration to approve spot Bitcoin ETFs against the backdrop of China’s escalating economic crisis. With the nation grappling with a record debt-to-GDP ratio of 288% in 2023, and witnessing one of the most severe housing market collapses in three decades, the financial instability has triggered an unprecedented capital flight towards overseas markets.
The Perfect Timing For A Spot Bitcoin ETF?
Amidst these turbulent economic times, Hong Kong’s potential approval of spot Bitcoin ETFs stands out as a pivotal development that could not only be a safe haven for Chinese investors but also significantly influence Bitcoin’s valuation, potentially catapulting it to the elusive $100,000 mark.
China’s economic woes have been intensifying, marked by a towering debt ratio and a plummeting housing sector that has investors scrambling for alternatives. “China currently faces a significant economic downturn, exacerbated by soaring debt and malinvestments in real estate. The crisis, becoming well-known in 2021 with the default of Evergrande Group, has now spread, causing a ripple effect that will likely slow down the Chinese economy for years to come,” Bernard pointed out.
This backdrop of economic instability has incited a significant shift in investor behavior, notably among Chinese investors who, faced with stringent capital controls, have sought refuge in ETFs that offer exposure to foreign markets. Yet, this avenue has been fraught with its own challenges.
“Investors are paying premiums as high as 43% on certain US-focused ETFs due to quota limitations, which speaks volumes about the desperation to find safer investment harbors,” Bernard notes. Such premiums underscore the pervasive fear and uncertainty that have gripped the Chinese market, driving investors towards seemingly any available exit from the volatility of the domestic market.
The Role Of Hong Kong
Bernard believes that not only Hong Kongers but also Chinese mainlanders will flock to Bitcoin ETFs. “They are pretty integrated. Mainland is HK’s largest trading partner. Would not be possible to approve a spot ETF and then close it to mainland. They will enforce transaction limits instead,” the expert said.
In the midst of these developments, Hong Kong’ Securities and Futures Commission (SFC) is reportedly considering the approval of spot Bitcoin ETFs already by the end of April, as reported yesterday. This move is viewed as a strategic effort to capture a portion of the capital flowing into Bitcoin, especially in the wake of the SEC’s approval of similar ETFs in the US, which saw a meteoric rise with $12 billion of net flow.
“Hong Kong is scrambling for a change. The approval of spot Bitcoin ETFs could unlock a vast reservoir of stranded Chinese capital into Bitcoin, providing a much-needed life raft for investors,” Bernard explained.
The anticipated approval of spot Bitcoin ETFs by Hong Kong authorities has been met with significant enthusiasm within the crypto community. Influential figures such as Bitcoin Munger and Stack Hodler have been vocal about the potential impact of this development on Bitcoin’s price.
“Hong Kong ETFs approval have accelerated to next week. Most accounts on CT weren’t making a big deal about them, but they are a big deal. They are going to take us to $100k+ in due time. Tick tock!” stated popular Bitcoin analyst Bitcoin Munger (@bitcoinmunger). He refers to the regional yearly year-over-year supply change from West to East.
Stack Hodler (@stackhodler) further emphasized the urgency among Chinese investors to find secure investment avenues outside the traditional system, “Chinese investors were panic-buying a Gold fund at a 30% premium this month as they attempt to get their wealth into something outside the Chinese system. The approval of Hong Kong spot ETFs could be the turning point, offering a sanctioned avenue for wealth preservation amidst the crumbling real estate market.”
Overall, the potential approval of spot Bitcoin ETFs in Hong Kong is poised to be a landmark development, not just for the region but for the global market. By offering a secure and regulated channel for investment, it could serve as a catalyst for significant capital inflow into Bitcoin, reinforcing its status as a viable store of value.
“As we stand at the cusp of this historic development, the implications for Bitcoin and the broader cryptocurrency market could be profound. The approval of spot Bitcoin ETFs in Hong Kong could indeed be the harbinger of a new era, potentially driving Bitcoin’s value to new heights,” concluded Bernard.
At press time, BTC traded at $70,945.
Hong Kong’s Incoming Spot Bitcoin ETFs Could Be ‘Big Deal.’ Here’s What Analysts Say
Massive demand for a China-listed gold ETF sent its premium soaring to 30% earlier this week.
Hong Kong Likely to Approve Spot Bitcoin ETFs Next Week: Reuters
Hong Kong regulators are likely to approve the first set of applications for spot bitcoin exchange-traded funds next week, making it possible that the products could be ready for an April launch, Reuters reported on Wednesday, citing two people familiar with the matter.
HashKey’s Crypto Exchange Goes Live After Winning License in Bermuda
The HashKey Group, an Asian firm offering digital asset services, has launched the HashKey Global exchange, after being granted a license in Bermuda to offer licensed digital asset trading services, it announced on Monday.
Hong Kong-Based Asset Manager VSFG and Value Partners Apply for Spot Bitcoin ETF
Asset Manager VSFG, together with its partners, Value Partners, have applied for a spot-bitcoin exchange-traded fund (ETF) with Hong Kong’s Securities and Futures Commission (SFC), its Head of Investment & Products Brian Chan told CoinDesk on Wednesday.
Hong Kong Likely To Allow In-Kind Creations for Spot Bitcoin ETFs: Bloomberg
Hong Kong’s financial regulator, the Hong Kong’s Securities and Futures Commission (SFC), is likely to allow in-kind creations and redemptions for spot bitcoin ETFs in the second quarter of this year, according to a report from Bloomberg Intelligence.
Hong Kong Regulator Says Crypto Exchange MEXC Has Been Operating Without a License
Last year, regulators in Japan and Germany also alerted consumers the exchange was unlicensed.
Hong Kong’s Markets Regulator Issues Warning Against Crypto Exchange Bybit
Hong Kong’s markets regulator identified Bybit as a suspicious cryptocurrency exchange and placed several of its products on its suspicious investment products list.
Hong Kong Starts New Phase of CBDC Testing
Phase 2 of the e-HKD pilot will be supported by the recently launched regulatory sandbox for testing wholesale CBDCs and tokenization, the Hong Kong Monetary Authority said.
Hong Kong’s Central Bank Starts Regulatory Sandbox for Stablecoin Issuers
The regulator invited applicants with a “genuine interest in developing a stablecoin issuance business” to join the sandbox.