Exciting News for Crypto Investors in Asia
China Asset Management has recently received approval from the Hong Kong Securities and Futures Commission to offer virtual asset management services for investors. This approval allows the company to issue spot Bitcoin and Ethereum exchange-traded funds (ETFs) in various regions, including Hong Kong, Greater China, Asia Pacific, Europe, and the United States.
The Partnership Behind the ETFs
China Asset Management has partnered with OSL Digital Securities Co., Ltd., a leading firm in the virtual asset industry, and BOC International Prudential Trusteeship Ltd., a top custodian, to facilitate the spot Bitcoin and Ethereum ETFs.
Company Background
- China Asset Management is a subsidiary of one of the largest fund companies in China, with more than $266 billion in assets under management as of December 2023.
Impact on Market Prices
Following the approval of spot BTC and Ether ETFs in Hong Kong, the cryptocurrency market cap has seen a 5% increase in the last 24 hours, reaching approximately $2.53 trillion. Bitcoin and Ethereum prices have also risen by 2.5% and 4.4%, respectively, after the announcement.
Influence of US-based ETFs
- The approval of spot BTC and Ether ETFs in Hong Kong will complement the impact of US-based ETFs, which have already claimed over 3% of Bitcoin’s circulating supply.
Market Predictions and Analysis
With the upcoming fourth Bitcoin halving and escalating global tensions, such as conflicts in the Middle East, experts anticipate bullish trends in the cryptocurrency market. Analysts like Captain Faibik believe that Bitcoin will soon break out of a bullish pennant formation.
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