- Hong Kong SFC is likely to approve Spot Bitcoin ETFs as early as April, according to a Reuters report.
- The significance of Hong Kong’s likely BTC ETF approval could be far-reaching as it implies infusion of global capital into Bitcoin.
- Bitcoin price rallied to a high of $71,300 on Thursday amidst positive developments in the ecosystem.
Hong Kong’s Securities and Futures Commission (SFC), an independent statutory body charged with regulating the securities and futures markets, is likely to approve Spot Bitcoin Exchange-Traded Funds (ETFs), according to a Reuters report from April 10.
Sources close to the matter told Reuters that regulators have sped up the approval process and this would make Hong Kong the first Asian region to offer Spot Bitcoin ETFs to traders in 2024.
Hong Kong could approve Spot Bitcoin ETFs in April
Spot Bitcoin ETF approval by the US Securities and Exchange Commission (SEC) ushered in massive institutional capital to BTC, roughly $12 billion, according to Bitmex Research report. Hong Kong SFC’s approval is key to market participants since it is likely to promote the influx of global capital into Bitcoin.
Two sources told Reuters that at least four mainland China and Hong Kong asset managers have submitted applications to launch Spot Bitcoin ETFs.
April 2024 is an important month for crypto traders since Bitcoin’s halving event is slated to occur on April 19. This would reduce the reward for mining Bitcoin and impact the circulating supply of BTC, creating scarcity and likely driving the asset’s price higher.
Other catalysts like Asian capital influx and participation of offshore Chinese financial institutions could drive BTC price higher this cycle. While crypto trading is banned in mainland China, institutions have set their sights on participating in crypto asset developments in the special administrative region of Hong Kong.
Bosera Asset Management (International), a China fund’s Hong Kong arm, has applied to launch a Spot Bitcoin ETF in Hong Kong, a company spokesperson told Nikkei Asia.
The SFC approved the first crypto futures ETFs in 2022.
Bitcoin price rallied to a peak of $71,305 on Thursday.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Michael Saylor predicts Bitcoin to surge to $100K by year-end
MicroStrategy's executive chairman, Michael Saylor, predicts Bitcoin will hit $100,000 by the end of 2024, calling the United States (US) election outcome the most significant event for Bitcoin in the last four years.
Ripple surges to new 2024 high on XRP Robinhood listing, Gensler departure talk
Ripple price rallies almost 6% on Friday, extending the 12% increase seen on Thursday, following Robinhood’s listing of XRP on its exchange. XRP reacts positively to recent speculation about Chair Gary Gensler leaving the US Securities and Exchange Commission.
Bitcoin Weekly Forecast: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC to 100k or pullback to 78k?
Bitcoin and Ethereum showed a modest recovery on Friday following Thursday's downturn, yet momentum indicators suggest continuing the decline as signs of bull exhaustion emerge. Ripple is approaching a key resistance level, with a potential rejection likely leading to a decline ahead.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin (BTC) surged up to 16% in the first half of the week, reaching a new all-time high of $93,265, followed by a slight decline in the latter half. Reports suggest the continuation of the ongoing rally as they highlight that the current trading level is still not overvalued and that project targets are above $100K in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.