Potential approval of spot Bitcoin ETFs in Hong Kong
A collective panic of sorts has been unleashed following the unexpected pullback in Bitcoin price action to the $65,000 area with less than a week to go before the next Bitcoin Halving that would halve the issuance of BTC units.
Bitcoin's pullback may continue to the $62,000 area which would undoubtedly unleash extreme volatility in these pre-Halving days, now the interesting thing of all will be to analyze what will be the next fundamental that can drive Bitcoin's price action recovery to new post-Halving all-time highs.
According to Zoltan Vardai, "The potential approval of the first batch of spot Bitcoin exchange-traded funds (ETFs) in Hong Kong could be a major catalyst for Bitcoin's pre-halving rally", from my point of view I believe this could impact positively but after the Halving occurs.
It has been indicated that, "Hong Kong's regulator has accelerated the approval process for four spot Bitcoin ETFs, according to local media reports. The potential approval could attract more buying demand for Bitcoin by offering exposure to BTC to both retail and institutional investors in Hong Kong."
As expressed by Herbert Sim (COO of cryptocurrency exchange Websea), "Halving is not the only thing to look out for in the price action. But also on the approval of the Bitcoin ETF in Hong Kong, which also happens next week. China's big banks will also have to start buying Bitcoin themselves."
SOURCES CONSULTED
Cointelegraph. 'China is about to start bidding' — Will Hong Kong Bitcoin ETFs spark the halving rally?. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
