BITCOIN FUTURE

Bitcoin

Read

<ul>
 <li>Hong Kong’s CSOP Asset Management will launch Asia’s first crypto-linked inverse ETF, allowing investors to bet against Bitcoin.</li>
 <li>Bitcoin’s recent volatility, influenced by US political developments, has seen its price drop below $54,000 and rebound to $67,234.</li>
 <li>CSOP aims to collect $50-$100 million in assets for the inverse Bitcoin ETF, with a management fee of 1.99% and traders predicting Bitcoin hitting $100,000.</li>
</ul>
<p>Hong Kong is set to launch Asia’s first cryptocurrency-linked inverse exchange-traded fund (ETF). On Tuesday, CSOP Asset Management will introduce the CSOP Bitcoin Futures Daily (-1x) Inverse Product.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">BREAKING: HONG KONG SET TO LAUNCH ASIA'S FIRST BITCOIN FUTURES INVERSE PRODUCT, CSOP BITCOIN FUTURE DAILY (-1X) INVERSE ON JULY 23</p>— BSCN Headlines (@BSCNheadlines) <a href="https://twitter.com/BSCNheadlines/status/1815317087855804462?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 22, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>This launch is an important step in Hong Kong’s efforts to <a href="https://cryptonewsland.com/hong-kong-enhances-crypto-investment-with-innovative-spot-etfs/" target="_blank" rel="noopener noreferrer nofollow">strengthen its position</a> in the global crypto financial ecosystem. The product’s primary objective is to give investors a way to profit from or hedge against future dips in the price of Bitcoin.</p>
<p>Bitcoin has recently seen significant volatility. In early July, its value fell below $54,000 before rising to $67,234. This rebound has been mostly attributed to optimism over Donald Trump’s potential return to government, following President <a href="https://cryptonewsland.com/sec-chair-gary-gensler-expected-to-resign/" target="_blank" rel="noopener noreferrer nofollow">Joe Biden’s decision</a> not to seek reelection.</p>
<p>The launch of the inverse ETF is yet another move in Hong Kong’s ambition to position itself as a crypto-friendly hub, competing with cities such as Singapore and Dubai. Asset managers such as Harvest Global Investments Ltd. have already introduced Bitcoin and Ethereum ETFs in the city.</p>
<p>Ding Chen, the CEO of CSOP, expressed optimism regarding the new product. He claimed that it is achievable to collect between $50 million and $100 million in assets for the inverse <a href="https://bitcoin.org/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> ETF over the course of a few years. CSOP will impose a 1.99% management fee for the product.</p>
<p>On a global level, inverse crypto exchange-traded products have garnered almost $106 million. The Short Bitcoin Strategy ETF from <a href="https://www.proshares.com/" target="_blank" rel="noopener noreferrer nofollow">ProShares</a> is the largest of these funds, with assets totaling $62.5 million and a management fee of 1.33%.</p>
<p>Hong Kong’s launch of Asia’s first crypto-linked inverse ETF signals a step towards becoming the world’s leading crypto hub. The project has the potential to attract the interest of serious investors and influence the course of crypto trading in the region.&nbsp;</p>
<h4 class="wp-block-heading" id="h-read-also">Read Also</h4>
<ul class="wp-block-yoast-seo-related-links yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/bitcoin-chart-forms-inverse-head-and-shoulders-pattern-btc-price-surge-loads/" rel="noopener noreferrer nofollow">Bitcoin Chart Forms Inverse Head and Shoulders Pattern, BTC Price Surge Loads</a></li>
 <li><a href="https://cryptonewsland.com/solanas-chart-points-to-bullish-revival-eyes-100/" rel="noopener noreferrer nofollow">Solana’s Chart Points to Bullish Revival, Eyes $100</a></li>
 <li><a href="https://cryptonewsland.com/the-dollar-index-dxy-crypto-bull-runs-an-inverse-relationship-that-predicts-the-golden-era-of-crypto/" rel="noopener noreferrer nofollow">The Dollar Index (DXY) &amp; Crypto Bull Runs: An Inverse Relationship that Predicts the Golden Era of Crypto</a></li>
 <li><a href="https://cryptonewsland.com/dfinity-foundation-introduces-icp-asia-alliance-and-a-20-million-grant-for-blockchain-ai-growth/" rel="noopener noreferrer nofollow">DFINITY Foundation Introduces ICP Asia Alliance and a $20 Million Grant for Blockchain &amp; AI Growth</a></li>
 <li><a href="https://cryptonewsland.com/ceo-of-nansen-discusses-why-and-how-web3-is-still-thriving-in-asia/" rel="noopener noreferrer nofollow">CEO of Nansen Discusses Why and How Web3 Is Still Thriving in Asia</a></li>
</ul>
<p>The post <a href="https://cryptonewsland.com/hong-kong-to-launch-asias-first/" rel="noopener noreferrer nofollow">Hong Kong to Launch Asia’s First Crypto-Linked Inverse ETF Amid Bitcoin Market Volatility</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Hong Kong to Launch Asia’s First Crypto-Linked Inverse ETF Amid Bitcoin Market Volatility

Crypto News Land

Alte articole publicate pe 22 iul. 2024

Banana Gun Shoots Up 30% on Binance Listing - Here's What You Need to Know About the Telegram Bot

Bitcoin ETFs saw a record $18 billion inflow between July 15-19, 2024

Crypto Market Update: Solana and Dogecoin Soar, Bitcoin Holds Strong

How to detect crypto malware in your computer systems?

Celebrating ‘Plastic Free July’ with Tezos NFTs and art | Opinion

Height matters: The rug pull that funded a tall tale

Join our free newsletter for daily crypto updates!