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Hong Kong launches Asia's first Bitcoin and Ether ETFs
Bitcoin encrypted currency
Arab and international
Economy News - follow up
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Added 04/30/2024 - 6:08 PM
https://economy-news.net/content.php?id=43014
Bitcoin encrypted currency
Arab and international
Economy News - follow up
Hong Kong on Tuesday launched six spot trading funds for bitcoin and ethereum, becoming the first in Asia to offer retail investors the ability to trade cryptocurrencies at spot prices.
The cryptocurrency ETFs were issued by three Chinese companies, China Asset Management, Bosera Asset Management, and Harvest Global Investments, on the Hong Kong Stock Exchange.
Two weeks ago, the Hong Kong Securities and Futures Commission (SFC) approved the three ETF providers.
Spot bitcoin ETFs from China AMC, Bosera HashKey and Harvest rose more than 3% in early trading, but then gave up some gains to trade about 1.5% higher. The three ether ETFs traded above 1% in the morning, but fell into negative territory by late afternoon.
Bitcoin was trading at $63,218 at 3:50 a.m. ET, while Ethereum was trading at $3,159, according to Coin Metrics data.
Hong Kong is one of the first places in the world to approve Ether ETFs. In January, the US Securities and Exchange Commission approved changes to allow bitcoin ETFs in the US, but has not yet approved an ether ETF.
Crypto ETFs allow investors to implicitly move the prices of the underlying assets without having to own the asset directly.
The move is seen as positive for Hong Kong markets.
In this context, the co-founder of the cryptocurrency exchange Nexo, Anthony Trenchev, told CNBC, “There is a bigger game here... The launch of these new ETFs puts Hong Kong one step away from Singapore and Dubai, which are also trying to establish themselves as regulated centers for digital assets.” “First mover advantage is everything in this game,” he added.
Views 1
Added 04/30/2024 - 6:08 PM
https://economy-news.net/content.php?id=43014
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