Introducing the New Hotspot in Hong Kong
Bitcoin exchange-traded funds (ETFs) in Hong Kong have had a lackluster start, leading to a decline in the overall cryptocurrency market. This disappointing performance has caused the price of Bitcoin (BTC) to plummet to $61,000, tarnishing its reputation.
Current Status of Hong Kong ETFs
According to a recent post by crypto market analyst WhaleWire on April 30, the trading debut of Bitcoin and Ethereum (ETH) ETFs in Hong Kong failed to meet expectations. The combined trading volume only reached $11 million, which is far below the anticipated target of $125 million.
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WhaleWire’s assertion that the institutional demand was “fabricated and non-existent” echoes the belief that the recent surge in Bitcoin prices was primarily driven by Tether’s (USDT) influx of funds into the market.
A Gloomy Outlook for Bitcoin
In contrast, a report published by Collective Shift’s senior analyst Nicholas Sciberras on April 22 suggests that while Bitcoin’s recent price surge was surprising, it is important to consider the possibility of both peaks and disastrous falls.
Sciberras stated:
“It is crucial to remember that Bitcoin’s block reward will continue to decrease after each halving event. This raises concerns about the long-term security of Bitcoin, particularly with regards to short-term selling pressure and spam that can congest developers’ scripts.”
Meanwhile, the price of Bitcoin continues to decline, currently trading at $60,819 after experiencing a 5% drop.
Disclaimer:
The information provided in this article is not intended as investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry inherent risks, and should conduct thorough research before making any investment decisions.
