‘A Very Big Deal’—Crypto Suddenly Braced For A Huge China ETF Earthquake After Bitcoin, Ethereum And XRP Price Boom

Share This Post


BitcoinBTC has exploded over the last year, sending the bitcoin price to over $70,000 as top Wall Street executives sound an “urgent” alarm over a U.S. dollar time bomb.

Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and “uncover blockchain blockbusters poised for 1,000% plus gains” ahead of bitcoin’s looming halving earthquake!

The bitcoin price has rocketed past its previous all-time high of $69,000 per bitcoin —pushing up the ethereum price, while XRP has added 50% since its May 2023 lows—with its rally being largely put down to the debut of a fleet of Wall Street spot bitcoin exchange-traded funds (ETFs) in January (triggering a huge $75 trillion bitcoin price prediction).

Now, as Elon Musk teases an X upgrade that some bitcoin and crypto traders think could transform the market, analysts have predicted a Hong Kong spot bitcoin ETF in China could mean another “huge” bitcoin price earthquake is just around the corner.

Sign up now for the free CryptoCodexA daily five-minute newsletter for traders, investors and the crypto-curious that will get you up to date and keep you ahead of the bitcoin and crypto market bull run

MORE FROM FORBESBlackRock And Fidelity ETF Bombshell Triggers A Massive $75 Trillion Bitcoin Price Prediction

“Looks like Hong Kong is going to allow in-kind creations and redemptions for spot bitcoin ETFs in [the second quarter of 2024],” Bloomberg Intelligence analyst Eric Balchunas posted to X, adding that unlike the Wall Street spot bitcoin ETFs that are cash creations only, “in-kind” could “help spark assets under management and volume in the fast-growing region.”

“This refers to the redemption mechanism, with ‘in kind’ offering greater operational simplicity as well as more efficient tax and cost implications,” Noelle Acheson, author of the Crypto is Macro Now newsletter, wrote in a note.

“While this detail alone is not enough to ensure strong inflows, it does imply a more open and agile approach to the potential market, which in turn could attract a broader range of participants. It also suggests that approval is getting close—this would be a very big deal,” Acheson wrote, adding, “Asian crypto exchange volumes are orders of magnitude greater than those from the U.S., according to data from The Block.”

Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious

MORE FROM FORBESJPMorgan CEO Issues Shock Bitcoin Reversal As $1 Million Price Prediction Is Suddenly ‘Pulled Forward’

China has repeatedly cracked down on bitcoin and crypto trading in the country, most recently in 2021. Since then, most people in China have had no way of buying bitcoin, ethereum, XRPXRP or any other cryptocurrency.

However, Hong Kong, a special administrative region of China, has begun gradually opening up the bitcoin and crypto market to traders, creating an avenue that could allow money to flood in.

“Even a tiny percentage of Chinese investors finding a permitido way [to invest in bitcoin] would be significant,” Acheson told Coindesk, adding bitcoin ETF approval in Hong Kong would be “huge.”

Follow me on Twitter



Related Posts