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The much anticipated launch of Hong Kong’s Bitcoin (BTC) and Ether (ETH) linked <a href="https://news.todayq.com/bitcoin-ether-etfs-debuts-in-hong-kong-bull-run-to-resume/" rel="noopener noreferrer nofollow">exchange-traded funds</a> (ETFs) failed to impress the market. The cumulative crypto market cap recorded a marginal drop over the last day with BTC declining below the $62,000 mark. Bitcoin ETFs failed to impress? 
According to reports, Hong Kong’s six listed crypto ETFs recorded a meek volume of $11 million on the debut trading date. This turns out to be much lower then what was expected to be around $100 million. It added that Bitcoin price linked ETFs single handedly accounted for $8.5 million in volume, while Ether ETFs saw $2.5 million in trading.
As we dig in, the data shows that the United States saw an explosive first-day trading volume for its Bitcoin ETFs. It went on to hit a high of $4.6 billion. These huge figures stand 383 times more than Hong Kong’s debut figures.
Bitcoin price dropped marginally in the last 24 hours to lose the crucial $62K price level. Its price is down by around 12% in the last 30 days. BTC is trading at an average price of $61,778, at the press time. It is still down by 16% from its all time high (ATH) of $73,750 recorded on March 14, 2024.&nbsp;
However, the biggest crypto price went on to hit $64,562 in the early trading hours. BTC’s 24 hour trading volume is up by 31% to stand at $27.6 billion. It is holding a market cap of around $1.21 trillion.
Ethereum also saw a dump over the last day. ETH price dropped by almost 4% in the 24 hours. It is trading at an average price of $3,051, at the press time. Its 24 hour trading volume is up by 5% to stand at $14.3 billion. What’s next for Hong Kong? 
The Hong Kong ETFs mark the region’s entry into the competitive crypto ETF market, following similar launches in the US earlier in the year. These US products, spearheaded by financial giants like BlackRock and Fidelity Investments, have attracted substantial investment, coinciding with high Bitcoin prices.
Three mainland Chinese asset managers – Bosera Asset Management, Harvest Global Investments, and China Asset Management – launched two ETFs each tracking Bitcoin and Ether prices in Hong Kong. This move reflects Hong Kong’s ambition to position itself as a crypto hub amidst pandemic restrictions and tightening regulatory control from Beijing.

Bitcoin dips below $62K as Hong Kong’s ETFs disappoint on debut

Todayq News

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