Bitcoin
Asia’s First Bitcoin and Ether ETFs Debut in Hong Kong
Representations of the cryptocurrency Bitcoin are placed on a PC motherboard in this illustration taken on June 16, 2023.
Given Ruvic | Reuters
Hong Kong Securities and Futures Commission (SFC) approved the three ETF providers two weeks ago.
ChinaAMC, Bosera HashKey and Harvest spot bitcoin ETFs were over 3% higher in early trading but later gave up some gains to trade about 1.5% higher. The three Ether ETFs were trading above 1% in the morning but fell into negative territory by late afternoon.
Bitcoin was trading at $63,218 at 3:50 a.m. ET, while ether it was trading at $3,159, according to data from Coin Metrics.
Hong Kong is one of the first places in the world to approve an Ether ETF. In January, the The U.S. Securities and Exchange Commission approved changes to allow the creation of bitcoin ETFs in the US, but there is has not yet approved an ether ETF.
Crypto ETFs allow investors to gain exposure to the price movement of underlying assets without having to own the asset directly.
The move is seen as positive for Hong Kong markets.
“There is a bigger game at play here: the launch of these new ETFs puts Hong Kong a step ahead of Singapore and Dubai, which are also trying to establish themselves as regulated hubs for digital assets,” Antoni Trenchev, co-founder of cryptocurrency exchange Nexo. told CNBC on Tuesday.
“First-mover advantage is everything in this game.”
Trenchev said Japan, Singapore and South Korea could be next to approve similar products in the next two years.
Executives from Chinese asset managers inaugurated the debut of their ETFs on the Hong Kong Stock Exchange on Tuesday morning, highlighting that the move will allow institutional and retail investors to enter a regulated market to trade crypto assets and create a base diversified range of products for broader exchange.
“The market potential is double the size of our U.S. counterparts,” Tongli Han, chief executive of Harvest Global Investments, told CNBC.
HKEX said the combined average daily turnover of the three VA Futures ETFs listed on the exchange reached 51.3 million Hong Kong dollars ($6.6 million) during the first quarter of 2024, up from HK$8.9 million of the previous year.
Furthermore, futures ETFs recorded net inflows of HK$529 million in the first quarter.
Harvest Global’s Han said he expects slow growth of crypto assets under management initially in Hong Kong, as many investors prefer to watch from the sidelines at first. But over time, he said he expects demand to increase.
Nexo’s Trenchev noted that the relatively small size of Hong Kong’s ETF market could mean it would take years for it to match “the $12.4 billion of net inflows of its US peers.”
CNBC asked HashKey what kind of regulation they would like to see on the back side scandals involving FTX and Binance.
“We set an example and then showed how crypto can be regulated reasonably and in a very user-friendly or industry-friendly way. Of course we would like the pace to be a little faster,” Heddy Tsang, CEO of HashKey Exchange told CNBC.
— CNBC’s Emily Chan and Yolande Chee contributed to this report.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Analysts are starting to pay more attention than usual to Bitcoin-proxy’s underlying enterprise software business MicroStrategy Inc.
How to better invest cash generated from operations is what originally prompted co-founder and CEO Michael Saylor to turn to Bitcoin four years ago. Since then, the Tysons Corner, Va.-based company has adopted a two-pronged strategy of investing in the cryptocurrency instead of traditional assets like short-term Treasuries and ramping up its software operations.
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Bitcoin has retreated from a six-week high as investors shift their focus to speculation the U.S. may sell seized tokens just days after Donald Trump vowed to create a government stockpile of the cryptocurrency if he is elected president again.
The US transferred $2 billion worth of Bitcoin to a new digital wallet address on Monday, blockchain research firm Arkham said in a publish on social media platform X. Market analysis firms have speculated that the tokens are from the Silk Road marketplace, where customers used virtual currencies to buy illegal drugs and hacking tools before it was shut down.
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