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<p>Following their spectacular breakthrough in the United States at the beginning of the year, Bitcoin ETFs continue to expand. This time, it is China opening its arms to cryptocurrency in a more institutional form: trackers. The SFC, the local financial watchdog, thus gives its approval for the launch of these products in the region. A further step towards the legitimacy of Bitcoin, triggering a rush towards digital assets. Curiously, this announcement was greeted by a surge in BTC, crossing back over the $66,000 mark.</p> 
<h2 id="h-hong-kong-opens-its-doors-to-bitcoin-the-meteoric-rise-of-btc-to-66-000">Hong Kong Opens Its Doors to Bitcoin: The Meteoric Rise of BTC to $66,000</h2> 
<p>The approval of <strong>China’s “made in China” Bitcoin ETFs</strong> this Monday is unsurprising for <a href="https://www.cointribune.com/en/reuters-chinese-bitcoin-etfs-as-early-as-next-week/" target="_blank" rel="noreferrer noopener">Reuters observers and certain crypto analysts</a>. According to Matrixport, the introduction of these financial instruments in the region could lead to <strong>an influx of nearly $200 billion</strong> into the Chinese market.</p>
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<p>Hong Kong is joining the crypto fray with the authorization of its <strong>first Bitcoin ETF,</strong> according to <a href="https://beincrypto.com/hong-kong-spot-bitcoin-etf-approval/" target="_blank" rel="noreferrer noopener">BeInCrypto</a>. Granted by the Securities and Futures Commission (SFC), this decision could well make the city a significant competitor in the global digital currency market.</p> 
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<p>To realize this ambition, <strong>China Asset Management (Hong Kong) is teaming up with OSL Digital Securities and BOC International Prudential Trusteeship</strong>. These strategic partnerships aim to capitalize on their expertise in virtual asset management and custodial services.</p> 
<p>The objective is clear: Hong Kong aspires to become <strong>a major hub for cryptos,</strong> rivaling cities such as Dubai and Singapore. This intention is reflected in a <strong>proactive regulatory approach,</strong> which seeks to stimulate market growth while protecting investors.</p> 
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<p>Parth Chaturvedi, Head of Investments at CoinSwitch Ventures, points out that American approvals could inspire massive inflows into Hong Kong’s Bitcoin ETFs. This move would confirm the city’s ambition <strong>to become a major crypto hub,</strong> a prospect that is sure to attract worldwide investor attention.</p> 
<h2 id="the-green-light-rediscovered">The Green Light Rediscovered</h2> 
<p>After a <strong><a href="https://www.cointribune.com/en/will-bitcoin-continue-to-rise-or-fall/" target="_blank" rel="noreferrer noopener">descent into hell</a> due to tensions in the Middle East,</strong> Bitcoin is back in the green. The approval of Spot Bitcoin ETFs by Hong Kong has triggered this recovery. Despite a sharp drop to $62,700, the cryptocurrency has rebounded vigorously to $66,650, showing considerable gains.</p>  
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<p>The acceptance of Bitcoin ETFs also marks a two-step turning point for crypto adoption, as noted by Pierre-Yves Dittlot, founder &amp; CEO of Ledgity:</p> 
<blockquote class="wp-block-quote"> 
 <p>The introduction of Bitcoin ETFs marks a decisive turning point for the institutional acceptance of crypto-assets as a legitimate investment asset class. Their acceptance will enable much wider adoption of Bitcoin through its integration into asset allocations.</p> 
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<p>Furthermore, Bitcoin may well have a decisive week ahead with <strong>the halving anticipated in the coming days</strong>. This halving of block rewards is seen by some as the harbinger of an imminent bull run for BTC.</p> 
<p>However, other experts temper these expectations by pointing out that the effects might not be immediate.</p>
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Bitcoin reacts positively to the approval of Spot ETFs by Hong Kong

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Ďalšie články zverejnené 15. 4. 2024

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