The price of XRP, Ethereum, and Bitcoin in China could potentially surge following the recent launch of a new ETF, according to Forbes. Crypto investors are already bracing for a significant increase in demand for these digital currencies as investors from Hong Kong and the United States compete to channel their funds into respective cryptocurrency funds due to this development.
China To Inflate BTC, ETH, and XRP Price
Three financial firms, Bosera Capital, Harvest Global, and China Asset Management, have been given the green light to offer Ethereum and Bitcoin spot ETFs in Hong Kong. According to Forbes, this news has crypto investors excited, as they expect a significant influx of funds into these ETFs. The competition between Hong Kong and the United States for these investments is expected to be fierce.
The desire for these ETFs could lead to significantly greater requests than available supplies. Consequently, the value of Bitcoin, Ethereum, and XRP might experience sharp increases as a result.
Bitcoin ETF’s Success in The US
Approximately $50 billion in assets have flowed into the new Bitcoin spot ETFs that the SEC authorized in January, according to Forbes. Following this approval, which ended a decade-long series of rejections for Bitcoin ETF applications, investors rushed to invest in Bitcoin.
Two leading finance giants, BlackRock and Fidelity, each managing approximately $15 billion and $9 billion in assets, have taken the front row in the race to launch Bitcoin ETFs.
In light of ETFs’ prosperity in the United States, investors in Hong Kong anticipate that these ETFs will deliver outstanding results, reflected in current market expectations.
Will Mainland China Purchase Bitcoin ETFs?
Currently, Mainland China enforces a total ban on cryptocurrency use within its territory. Consequently, it seems uncertain that residents will be able to invest in Ethereum and Bitcoin ETFs traded in Hong Kong. Hong Kong-based issuers have disclosed regulatory restrictions preventing mainland Chinese investment funds from purchasing cryptocurrency-related ETFs.
Recent correspondence from Hong Kong-based ETF providers has cleared up misconceptions about the investing prowess of mainland Chinese investors taking part in the Southbound Stock Connect initiative. Because of China’s stance on cryptocurrency risk, the Southbound Stock Connect program—which was designed to encourage cross-border investment between mainland China and Hong Kong—does not include digital currency products.
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2024-04-15 23:33