Hong Kong has accepted spot Bitcoin (BTC), Ethereum (ETH), and Exchange Traded Fund (ETF) application. This is the second region to be approved in 2024. SEC’The Securities and Exchange Commission (SEC) has made a historic decision by approving 11 BTC spot ETFs for the US. Although the US has approved eleven spot Bitcoin ETFs the country still hasn’t greenlit an Ethereum ETF. Some analysts believe that a US spot ETH ETF may be approved later in this year.
Also Read: 3 Cryptocurrencies to Buy Before They Hit the Big Post Bitcoin Halving
It is possible that the approval of spot ETH or BTC ETFs will lead to a new rally on cryptocurrency markets. BTC reached a record-breaking high in early this year thanks to US BTC spot ETFs. BTC reached $73,737 early in March, with the rally being fuelled by an increase in inflows to spot BTC-related ETFs.
What will Bitcoin and Ethereum do after Hong Kong’s ETF approval?
There is a good chance that BTC will reach a record high after Hong Kong approves the ETFs.
CoinCodex believes that Bitcoin will return to its historic highs later in the month. Furthermore, CoinCodex predicts BTC’s bullish trajectory to continue for theforeseeable future. next In a few weeks’ time, it is predicted to reach $85,906 by May 13th 2024. To reach $85,906 at current levels, a 32% increase would be required.
CoinCodex, on the other hand predicts Ethereum’s (ETH’s) price will remain at current levels and that it will trade at $3242.95 in May 2024.
The crypto market may experience another major rally as Bitcoin’s (BTC), halving is just around the bend. Bitcoin (BTC), and Ethereum (ETH) may reach new highs due to the Hong Kong ETFs as well as BTC’s halving at the end of this month.
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Source: watcher.guru
