The new week starts with a big bitcoin (BTC) and ethereum (ETH) news from Asia. The first stock exchange currency was authorized there. This immediately causes a reaction in the crypto prices.
Hong Kong allows the first Bitcoin and Ethereum ETF
Among other things, China Asset Management’s request for a bitcoin and ethereum ETF has been approved. China’s top fund manager writes this in an email advertisement.
“China Asset Management (Hong Kong) has received a license from the Hong Kong Securities and Futures Commission to offer virtual asset management services to investors. They now plan to issue ETF products that can invest in spot Bitcoin and spot Ethereum. “
This marks a new step in Hong Kong’s quest to become a global crypto hub. The city, officially a special administrative region of the People’s Republic of China, is very different from China. The Chinese government has strict laws and regulations regarding crypto.
The United States was ahead of Hong Kong at the beginning of this year with the first large bitcoin spot exchanges. A spot ETF means that the investment product buys and sells the underlying crypto depending on how many investors invest in it.
The big difference with the licenses in Hong Kong, however, is that Ethereum is now also part of several spot ETFs. This is much more difficult in the US as regulators struggle with the question of whether Ethereum is an investment (security) or a commodity (material) contract.
In addition to China Asset Management, Harvest Global Investments, Bosera Asset Management and HashKey Capital have been told they have received deal approval for their bitcoin and ethereum ETFs. That writing The Block after asking the asset managers.
Bitcoin and Ethereum prices react
Since crypto is very popular in Asia, and the market is big, good news is being received. The whole market shows green numbers. This is how the bitcoin rate currently 2.7 percent in the green after a very volatile weekend due to Iran’s attack on Israel. today stands at 66 420 $.
The price of Ethereum is also positively affected by the news. The largest altcoin on the market is more than 4.6 percent in the green. This brings Ethereum to a price of $3,245.
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2024-04-15 07:05:50
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