Bitcoin
Spot Bitcoin And Ethereum ETFs Approved In Hong Kong
Published
1 month agoon
By
adminThe Hong Kong Securities and Futures Commission (SFC) has officially approved several spot Bitcoin and Ethereum exchange-traded funds (ETFs), a decision that marks a significant development in the region’s burgeoning crypto market. These approvals were granted to prominent asset managers including China Asset Management, Bosera Capital, and HashKey Capital Limited, alongside an in-principle approval for Harvest Global Investments.
Hong Kong’s SFC Approves Bitcoin And ETH ETFs
China Asset Management’s Hong Kong unit, as detailed in their press release, has received SFC approval to launch spot Bitcoin and Ethereum ETFs. This initiative is part of a collaboration with OSL Digital Securities Limited and BOCI International, aiming to provide retail asset management services with direct cryptocurrency subscriptions.
Similarly, Bosera Asset Management and HashKey Capital have announced that they have received conditional approval from the SFC for their own spot crypto ETFs. These products, named the Bosera HashKey Bitcoin ETF and the Bosera HashKey Ether ETF, will allow investors to directly use Bitcoin and Ethereum to subscribe for ETF shares, as stated in their press release.
Harvest Global Investments has also been spotlighted with the SFC’s in-principle nod for two major digital asset spot ETFs. According to their press release, Mr. Tongli Han, CEO and CIO of Harvest Global Investments, remarked, “This in-principle approval for Harvest Global Investments’ products in two major digital asset spot ETFs not only underscores Hong Kong’s competitive edge in the digital asset space, but also demonstrates our unrelenting pursuit of promoting innovation in the industry and meeting diversified investor needs.”
These ETFs are set to be launched through a partnership with OSL Digital Securities, the first digital asset platform licensed and insured by the SFC, highlighting a significant stride in addressing common market challenges such as excessive margin requirements and price premiums.
The press release from Bosera and HashKey highlights that the introduction of these virtual asset spot ETFs will not only provide new asset allocation opportunities but also reinforce Hong Kong’s status as an international financial center and a hub for virtual assets. This move is aligned with the city’s strategic push to establish itself as a regional leader in financial innovation, particularly in the digital asset sector.
The approvals are indicative of Hong Kong’s progressive regulatory framework which aims to integrate digital assets within its financial ecosystem safely and securely. The establishment of these ETFs is expected to provide a regulated, innovative investment avenue for both retail and institutional investors in the region. While there is not as much hype as there is around US ETFs, some analysts believe the impact could be similar.
These approvals come on the heels of rumors last Friday about the potential approval of these ETFs. The market had been abuzz with speculations, and today’s confirmation has provided the Bitcoin and ETH prices with a much needed boost. BTC is up 2.2% since the announcement, surpassing the $66,000 mark. The approved ETFs are reportedly set to launch by the end of April.
At press time, BTC traded at $66,535.
Featured image created with DALL·E, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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The Bitcoin price has experienced heightened volatility over the past week. After recovering from a low of $56,500, the largest cryptocurrency in the market surged to $65,500 within four days. However, it has since retraced some of its gains and is currently testing the $61,000 support level.
Despite this volatility and the absence of strong bullish momentum, venture capital firm Pantera Capital remains optimistic about the future of BTC’s price, citing the recent Halving event as a significant factor.
Pantera Capital Projects $117,000 Price Target By 2025
In a recent investor letter, Pantera Capital revealed its Bitcoin Halving rallies model, which predicts a bottoming out of the BTC price followed by a rise through the Halving rally.
Based on the average duration of previous rallies, the firm forecasts that BTC’s price will peak at $117,000 in August 2025. The average total duration of this cycle, encompassing pre- and post-Halving rallies, has historically been around 2.6 years, with symmetry observed across cycles.
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Pantera Capital highlights the relationship between Halving events and BTC’s price. The firm asserts that if the demand for new Bitcoin remains constant while the supply of new Bitcoin is reduced by half, it will create upward pressure on the price.
The anticipation of a price increase has also historically driven increased demand for Bitcoin leading up to Halving events. However, Pantera Capital acknowledges that the impact of each subsequent Halving on price may diminish as the reduction in the supply of new Bitcoin from previous Halvings becomes less significant.
Moreover, the firm notes that, on average, the Pantera Bitcoin Fund has nearly doubled in value for eleven years. Based on this historical performance, Pantera Capital envisions a scenario in which the price of Bitcoin reaches $117,000 by 2025.
Bullish Bitcoin Price Predictions
Renowned crypto analyst Titan of Crypto has recently taken to social media platform X (formerly Twitter) to share bullish predictions for the Bitcoin price. With forecasts ranging from $75,000 to $110,000, Titan of Crypto highlights various factors and patterns that could potentially drive BTC’s growth.
According to Titan of Crypto, a price rise to $110,000 for Bitcoin is “programmed.” While the analyst did not elaborate on the specifics of this programming, it suggests a strong conviction in BTC’s potential to reach that level.
Titan of Crypto also identifies a current head-and-shoulders pattern in the Bitcoin price chart. If this pattern holds, the analyst suggests that BTC could rise to the $75,000 mark. If confirmed, this pattern could signify a bullish trend reversal and further support the projection of Bitcoin reaching higher price levels.
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The analyst also highlighted $61,500 as a critical point to monitor due to the possibility of “panic selling.” The analyst suggests many market participants might react to this level, potentially increasing selling pressure.
Lastly, based on his analysis, the analyst suggests a conservative price prediction of $108,000. However, Titan of Crypto believes that BTC’s price may exceed this projection, indicating a more optimistic outlook.
Featured image from Shutterstock, chart from TradingView.com
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Bitcoin
Bitcoin About To ‘Blow Higher’ Despite This Week’s Pullback, According to Glassnode Co-Founders – Here’s Why
Published
7 days agoon
May 9, 2024By
adminThe founders of crypto analytics platform Glassnode are predicting that Bitcoin (BTC) will soon soar even higher after being up 7% in the last week.
In a new thread, the co-founders of Glassnode, who go by the handle Negentropic on the social media platform X, tell their 62,900 followers that key indicators suggest Bitcoin is gearing up from a massive breakout.
The analysts say Bitcoin appears to be forming a bullish pennant pattern. They also suggest that Bitcoin is correcting to a Fibonacci retracement level, in the low $60,000 range, which often predicts a continuation of an upward trend.
“BTC still looks like it is about to blow higher! Last week’s candle was a reversal candle – a hammer with a long wick. Price moved back into the pennant structure. This candle still dominates the structure. This week’s pullback, hence, seems like a healthy correction before higher. Corrections often pull back either 50% or 61.8% of the previous impulse move.”
Looking at their chart, the analysts suggest that Bitcoin has or is about to complete a three-wave ABC correction. The Elliott Wave theory states that a bullish asset often witnesses a fresh leg up after an ABC correction of three wave impulses.
The analysts believe Bitcoin could break through the $85,000 level before the start of summer, which officially begins on June 20th.
“BTC is currently in the process of breaking the trendline of pennant and the 50-day SMA (simple moving average). When the level of $65,000-$66,000 is broken, BTC will move on to first $73,500, then $76,500, and chances are that we see $85,200 before the summer.”
Bitcoin is trading for $62,016 at time of writing, down slightly in the last 24 hours.
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Analyst Benjamin Cowen Warns Ethereum ‘Still Facing Headwinds,’ Says ETH Will Only Go Up if Bitcoin Does This
Published
1 week agoon
May 9, 2024By
adminThe widely followed analyst Benjamin Cowen is saying that Ethereum (ETH) is at risk of facing more downside over the coming months.
In a new video, Cowen tells his 801,000 YouTube subscribers that monetary policy is likely to negatively affect Ethereum.
“I think that ETH/USD is still facing some headwinds here, especially following the potential rejection of the spot exchange-traded fund (ETF)…
…I think the impact that people are going to feel is just from tighter monetary policy. They’re going to blame it on the spot ETF and they’re going to capitulate potentially into that.”
According to Cowen, the Ethereum could go up on one condition.
“If ETH goes up from here, it would only be due to Bitcoin going up a lot more.”
The widely followed analyst says that the Ethereum/Bitcoin (ETH/BTC) pair, on the other hand, is likely to keep falling under most circumstances based on history.
“So if Ethereum goes up, Ethereum/Bitcoin is probably going to keep going down. If Bitcoin goes sideways, Ethereum/Bitcoin is going to keep going down in my opinion. And if Bitcoin goes down, Ethereum/Bitcoin probably goes down because Bitcoin has been doing all s of things since 2022 began. In eight of 10 quarters, Ethereum/Bitcoin has gone down whether Bitcoin went up, down or sideways. Ethereum/Bitcoin generally went down.”
ETH is trading at $3,002 at time of writing.
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