Hong Kong is set to introduce spot Bitcoin and Ethereum exchange-traded funds (ETFs) by the end of April, as the region aims to establish itself as a regulated hub for the virtual asset industry and reclaim its reputation as a modern financial powerhouse.
Victory Securities, a Hong Kong-based investment firm, has revealed its proposed fees for upcoming Bitcoin and Ethereum ETFs, even before the official list of approved issuers is published by the Hong Kong Securities and Futures Commission.
The adoption of Ethereum liquid restaking protocols like Lido and EigenLayer drove the decentralized finance (DeFi) total value locked to soar to $100 billion in the first quarter of 2024, igniting hopes for a potential “second DeFi Summer.”
China has approved the launch of spot Bitcoin and Ethereum ETFs in Hong Kong, which could drive up demand and prices for major cryptocurrencies.
The crypto market has shaken off concerns of escalations between Iran and Israel, with Bitcoin (BTC) trading above $65,000 and Ether (ETH) back above $3100. Traders are also anticipating the launch of Bitcoin and Ether ETFs in Hong Kong, which could unlock up to $25 billion in demand.
Heightening fears of conflict between Iran and Israel largely triggered Friday’s $860 million crypto market liquidation, according to QCP Capital. Geopolitical instability often drives investors away from risky assets like cryptocurrencies, seeking safer investments, resulting in sell-offs across risk asset classes.
Several major cryptocurrencies, including Ethereum, Bitcoin, and Dogecoin, experienced significant price increases at the start of the week, driven by a confluence of positive catalysts. These include the potential for short squeezes, favorable technical trading patterns, and geopolitical tailwinds from leading Chinese money management firms.
Bitcoin’s price plunged below $67,000, leading to over $426 million in liquidations across the crypto market. The broader market experienced losses in tandem with Bitcoin’s dip.
Vitalik Buterin proposes ‘degen communism,’ a concept that combines the adventurous spirit of ‘degen’ culture with a structured approach to ensure market volatility doesn’t disproportionately harm smaller users. He suggests prioritizing smaller stakeholders during hacks or project collapses before compensating larger investors, promoting a more equitable system.
Consensys, the Ethereum infrastructure firm, has submitted a comment letter to the SEC defending Ethereum’s proof-of-stake (PoS) security and urging the approval of spot Ether exchange-traded funds (ETFs).
