Hong Kong Approves Spot Bitcoin and Ethereum Application

Paigambar Mohan Raj
Source: Bitcoinist

Hong Kong has approved spot Bitcoin (BTC) and Ethereum (ETH) ETF (Exchange Traded Fund) applications. The region is the second to do so in 2024, following the SEC’s (Securities and Exchange Commission) historic decision to approve 11 spot BTC ETFs in the US. However, although the US has approved 11 spot Bitcoin ETFs, the country has yet to greenlight an Ethereum ETF. According to some analysts, a spot ETH ETF could be approved in the US later this year.

Also Read: 3 Cryptocurrencies to Buy Before They Hit the Big Post Bitcoin Halving

The approval of spot ETH and BTC ETFs may lead to another rally for the cryptocurrency markets. The US spot BTC ETFs played a significant role in BTC hitting a new all-time high earlier this year. BTC hit $73,737 in early March with a rally fuelled by increased inflows into spot BTC ETFs.

Will Bitcoin and Ethereum rally after the ETF approval in Hong Kong?

Ethereum Whales Selling Like There is No Tomorrow: Report
Source: Bitcoinist

Given that the US spot BTC ETFs were responsible for BTC hitting a new all-time high, there is a high probability that a similar pattern will unfold after the Hong Kong approvals.

According to CoinCodex, Bitcoin (BTC) will reclaim its all-time high later this month. Moreover, the platform anticipates BTC to continue on a bullish trajectory for the next few weeks, predicting it to hit $85,906 on May 13, 2024. Hitting $85,906 from current levels would translate to a growth of about 32%.

Source: CoinCodex

On the other hand, CoinCodex anticipates Ethereum’s (ETH) price to consolidate at around current levels, predicting it to trade at $3242.95 on May 1, 2024.

Source: CoinCodex

With Bitcoin’s (BTC) halving just around the corner, we may witness another massive rally in the crypto market. Both Bitcoin (BTC) and Ethereum (ETH) could hit new all-time highs, fuelled by the Hong Kong spot ETFs and BTC’s halving later this month.