Market Fluctuations
Bitcoin has been experiencing some ups and downs, hitting $72,500 on Monday before dropping below $70,000 on Tuesday. This is likely due to investors being cautious ahead of the release of US inflation data today. However, Bitcoin has since recovered slightly and is now trading above $69,400.
Hong Kong’s ETF Launch
Hong Kong’s Securities and Futures Commission (SFC) has recently updated its list of virtual asset management funds. This is a significant step towards the launch of Bitcoin spot Exchange Traded Funds (ETFs) on the Hong Kong Stock Exchange by the end of April.
Harvest International and Huaxia Funds
Harvest International Asset Management and Huaxia Funds (Hong Kong) Limited have been approved to manage virtual assets in Hong Kong. This means that they can now offer Bitcoin spot ETFs to retail investors.
SFC’s ETF Approval Process
The SFC has a rigorous approval process for Bitcoin spot ETFs. Applicants must collaborate with over 20 institutions, including custodian banks and market makers. The Hong Kong Stock Exchange will then take about two weeks to prepare for the ETF launch.
Significance of Hong Kong’s ETF Launch
This move opens up the crypto sector to Chinese retail investors. It comes three months after the US SEC approved the first batch of Bitcoin spot ETFs in January.
Current Bitcoin Price
At the time of writing, Bitcoin is trading at $69,484.
