Apr 15, 2024
Hong Kong is set to become the second region in the world to offer spot Bitcoin and Ethereum ETFs, following the US Securities and Exchange Commission's (SEC) green light for 11 spot Bitcoin ETFs earlier this year.
This move has analysts predicting another surge in the cryptocurrency market, mirroring the rally that saw Bitcoin reach a record-breaking $73,737 in March, fueled by increased interest in US spot Bitcoin ETFs.
Experts believe Hong Kong's approval could trigger a similar effect. Buoyed by the recent greenlight, Bitcoin is anticipated to reclaim its all-time high later this month and potentially continue its upward trajectory.
CoinCodex, a well-respected crypto data platform, predicts Bitcoin will reach a new peak of $85,906 by May 13, representing a significant 32% increase from current levels.
But the bullish sentiment doesn't end there. Bitcoin's halving event, slated for later this month, adds another layer of excitement to the cryptocurrency market.
This highly anticipated event, which cuts the amount of Bitcoin rewarded to miners in half, is historically linked to price surges. With both Hong Kong's ETF launch and Bitcoin's halving converging, investors are eagerly watching, anticipating potential new highs for both Bitcoin and Ethereum. This one-two punch could propel the entire crypto market to uncharted territory.
