Market Recovery
On Monday, the Hong Kong Securities and Futures Commission (SFC) approved Spot Bitcoin and Ethereum ETFs for trading. This long-awaited decision has sparked a surge in cryptocurrency prices.
Bitcoin’s Rebound
Over the weekend, the crypto market crashed, pushing Bitcoin below $60,000. However, the SFC’s announcement reversed this trend, driving Bitcoin back towards $67,000.
Institutional Buying Power
The approval of Spot Bitcoin ETFs in the US has fueled institutional investment in Bitcoin, driving up its price. Similarly, the availability of these ETFs in Hong Kong is expected to attract Chinese investors, further boosting demand.
Can Bitcoin Reclaim $70,000?
Despite the recent dip, the market remains bullish. Bitcoin’s price has already rebounded over 3%, indicating that investors see the crash as a buying opportunity.
Supply Squeeze
As institutional investors continue to acquire Bitcoin for ETF investments, the supply of available Bitcoin could shrink, leading to a supply squeeze. This could drive the price up rapidly, potentially reclaiming the $70,000 level and paving the way for a new all-time high.
