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Cryptocurrency News Articles

Bitcoin Soars on Hong Kong Spot ETF News, Primed for New All-Time Highs

Apr 15, 2024 at 10:03 pm

The Bitcoin price has surged by 8% after the Hong Kong Securities and Futures Commission (SFC) approved spot Bitcoin and Ethereum ETFs. The move is seen as a growing acceptance of Bitcoin in China, leading to strong demand for Bitcoin-related altcoins such as Bitcoin Minetrix. Experts believe that the Bitcoin price could reach $1 million in the long term due to the finite Bitcoin supply and periodic halving events. The Bitcoin price could also hit a new all-time high of $80,000 before the end of April, with the Bitcoin Minetrix presale ending in 10 days.

Bitcoin Soars on Hong Kong Spot ETF News, Primed for New All-Time Highs

Bitcoin Soars on Hong Kong Spot ETF Announcement, Poised to Reach New Heights

The cryptocurrency market has witnessed a significant surge in the wake of the approval of spot Bitcoin exchange-traded funds (ETFs) in Hong Kong. This groundbreaking move has ignited a wave of optimism, sending Bitcoin prices skyrocketing and fueling market expectations for further gains.

Hong Kong's Green Light for Spot Bitcoin ETFs

On Monday, the Hong Kong Securities and Futures Commission (SFC) greenlighted spot Bitcoin ETFs, marking a watershed moment for the cryptocurrency industry. The approval has sent shockwaves through the market, signaling growing acceptance and recognition of Bitcoin's legitimacy.

This move holds immense significance for several reasons. Hong Kong's stock exchange ranks among the largest in the world by valuation, endowing the spot Bitcoin ETFs with substantial clout and credibility. Furthermore, the SFC's decision is widely seen as a sign of growing acceptance of Bitcoin in China, despite its previous ban on virtual asset trading.

Influx of Chinese Investors

Mainland Chinese investors are now poised to gain access to these spot Bitcoin ETFs, unlocking a potential $25 billion in demand, according to Singapore-based firm Matrixport. This influx of liquidity is expected to exert a profound impact on Bitcoin's price trajectory.

Long-Term Bull Market: Experts Predict $1 Million Bitcoin

The approval of spot Bitcoin ETFs has triggered a wave of bullish sentiment among industry experts. Many believe that this move could lead to a sustained bull market, with long-term price targets as high as $1 million. Cryptocurrency analyst Willy Woo has predicted that the new ETFs could establish a bear market bottom of $90,000 and a bull market peak of $650,000 for Bitcoin.

Technical Analysis Points to $80,000

Technical analysis also supports the bullish narrative for Bitcoin. The cryptocurrency is currently poised to breach three crucial resistance levels that could pave the way for a move towards $80,000, potentially before the end of April.

Firstly, Bitcoin needs to reclaim the 4-hour 200 Exponential Moving Average (EMA), currently at $66,900. Historically, BTC has traded above this level in 2024, except during the recent market downturn.

Secondly, a weekly close above the 2021 cycle high of $69,000 would provide further confirmation of the bullish trend.

Finally, a breakout above $72,000 would signify a decisive break from the range-bound pattern that has constrained Bitcoin for an extended period.

Hype Surrounds Bitcoin Minetrix Presale

In addition to the excitement surrounding spot Bitcoin ETFs, there has been growing buzz around Bitcoin Minetrix, a low-cap cryptocurrency that offers a unique cloud mining utility.

The Bitcoin Minetrix presale has surpassed $13 million, indicating strong demand for its services. The project aims to democratize crypto mining by making it accessible to retail investors through a simple stake-to-earn model.

Popular trading YouTubers such as Michael Wrubel and Jacob Bury have expressed their support for Bitcoin Minetrix, citing its potential to generate substantial returns.

Conclusion

The approval of spot Bitcoin ETFs in Hong Kong has sparked a surge in Bitcoin prices and renewed optimism in the cryptocurrency market. With bullish technical signals and a potential influx of Chinese capital, Bitcoin appears poised to embark on a sustained bull cycle. The upcoming Bitcoin halving event and innovative projects like Bitcoin Minetrix further fuel the excitement, suggesting that the cryptocurrency industry is still in its early stages of transformative growth.

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