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- Hong Kong is ready to approve a Bitcoin ETF next week that could usher in a new wave of Chinese investors looking for alternative investment options.
- The launch of a U.S. Bitcoin ETF drove BTC to an all-time high and the involvement of the Asian market could supercharge prices to $90,000.
Hong Kong is getting ready to approve a Bitcoin ETF next week, Reuters reports. Experts predict that this could usher in a new wave of Chinese investors. A Bitcoin ETF offers a widely adopted investment vehicle for safe investment and simplified entry into Bitcoin (BTC).
Since the launch of a Bitcoin ETF in the U.S., the products have attracted billions of dollars. As CNF recently reported, BlackRock’s Bitcoin ETF has edged to $20 billion in assets invested in the fund. As the ETFs’ popularity rises, this has helped fuel BTC prices to a new all-time high of $75,000.
According to reports, Hong Kong regulators are getting ready to approve the first Bitcoin ETF in the country on April 15th. Market commentator Collin Brown anticipates the participation of Chinese Titans Harvest Fund with over $230 billion and China Southern Fund with a $284 billion behemoth. Their investment would go a long way to boost market prices.
🔥 Get Ready! First-ever #Bitcoin Spot ETFs to Launch in Hong Kong by April 15!
Chinese Titans Harvest Fund ($230 Billion Powerhouse) & China Southern Fund ($284 Billion Behemoth) Enter #BitcoinETF Arena!
Hong Kong Stock Exchange Prepares for Release – Just 2 Weeks Away! 💼💰 pic.twitter.com/JC6mGWW0SY
— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) April 11, 2024
Markus Thielen, founder of Singapore-based analytics firm 10x Research has opined on how this could impact investors and the market. The analyst believes that the ETF will offer Chinese investors an alternative to real estate and stocks.
“70% of Chinese own property and as the market has recently repriced lower together with the stock market, there are not many alternatives,” Thielen said. “Bitcoin is one.”
China to Drive New Bitcoin (BTC) Price Rally
Chinese interest in BTC has been undeniable, first demonstrated in the buying frenzy of the 2013 bull market. At the time, BTC rallied from $10 to about $1,000 with the rally being halted by the ban of BTC by the Chinese government.
These developments come just days ahead of the Bitcoin halving slated for April 20th. Historically, one of the most bullish events, this is drawing massive investment interest primarily driven by institutional investors.
At the time of writing, BTC has recorded a bullish bounce, surging 2.6% in the last 24 hours to trade for $70,750. The recent price tag demonstrates a healthy rebound after initially retesting the $68,000 support earlier this week. On the weekly chart, BTC is up by nearly 7% as it begins to build bullish momentum.
This year holds the potential to be one of the most bullish cycles in the digital asset’s history. Primarily driven by the reward halving and the institutional interest, experts forecast a $90,000 to $150,000 price target by the end of the cycle. The world’s largest cryptocurrency is anticipated to maintain its upward trajectory and propel the rest of the crypto market with it.
