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Hong Kong’s securities regulator has approved the city’s first spot Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) exchange-traded funds (ETFs).
What Happened: The Hong Kong units of Bosera Asset Management and China Asset Management have been granted regulatory approval by the Hong Kong Securities and Futures Commission (SFC) to roll out the ETFs, reported Reuters.
This comes on the heels of the U.S.’s introduction of the first U.S.-listed ETFs tracking spot bitcoin just three months prior.
Crypto Analyst Lark Davis took to social media platform X to share his enthusiasm about the news, stating, “Hong Kong just approved spot Bitcoin and Ethereum ETF applications. Welcome to the party, China!”
See Also: Iran Launches Drone Attack On Israel In Escalation Of Tensions, Bitcoin Drops Sharply In Response
This approval is a landmark in Hong Kong’s path to becoming the first Asian city to recognize popular cryptocurrencies as a mainstream investment tool. The launch of similar ETFs in the U.S. has already drawn approximately $12 billion in net inflows, setting a benchmark for other regions.
Why It Matters: Crypto Analyst Davis has been vocal about the potential of cryptocurrencies. Earlier in February, he predicted Bitcoin could reach $150K in the next bull market. In April, Davis forecasted a Bitcoin boom in 2024, attributing it to the U.S. elections and expected Federal Reserve interest rate cuts.
However, a drone attack by Iran on Israel on Sunday caused a sharp decline in the crypto market. Despite the turmoil, analysts predict a rebound in the altcoin market.
Price Action: Bitcoin is trading up by 1.03% in the last 24 hours at $66,455, and Ether is up by 3.48% today at $3,255, according to the data from Benzinga Pro.
Read Next: 14.8 Trillion Shiba Inu Tokens Liquidated In Just 24 Hours Amid Market Downturn
Image Via Pixabay
Benzinga Neuro, Edited by Kaustubh Bagalkote
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