Shock Leak Reveals China Could Be About To Blow Up The Price Of Bitcoin, Ethereum And XRP

Bitcoin has bounced back from a weekend price crash, sparked by fears the Middle East conflict could spiral into a wider war.

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 climbed to around $66,000 per bitcoin after dropping toward $60,000 on Saturday. In recent months, a fleet of new Wall Street spot bitcoin exchange-traded funds (ETFs) have turbo-charged the bitcoin price amid predictions of a “rapid, cataclysmic” U.S. dollar collapse.

Now, after a top Federal Reserve official issued a stark inflation warning, multiple financial giants in Hong Kong appeared to leak the news the Securities and Futures Commission (SFC) had approved them spot bitcoin and ethereum ETFs.

Sign up now for the free CryptoCodex—A 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 FORBES‘It’s Going To Zero’-Legendary Billionaire Predicts ‘Rapid, Cataclysmic’ U.S. Dollar Collapse And A $5 Trillion Post-Halving Bitcoin Price BoomBy Billy Bambrough

China Asset Management, Bosera Capital, HashKey Capita and Harvest Global have announced they had been approved to list spot bitcoin and ethereum ETFs in Hong Kong.

There has not been an announcement from the SFC, however, and some of the social media posts from the financial giants have since been deleted, it was reported by Coindesk.

Related articles

21Shares files S-1 application for an XRP ETF

1 November 2024

Ripple CEO optimistic about crypto post-election, regardless of outcome

24 October 2024

The leaks have already led to expectations among crypto investors that the U.S. and Hong Kong will compete for crypto inflows into their respective funds.

ADVERTISEMENT

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

MORE FROM FORBESRipple CEO Issues Shock $5 Trillion U.S. Crypto Price Prediction Amid Bitcoin Halving Pump That’s Boosted Ethereum, XRP, Solana And DogecoinBy Billy Bambrough

“It is now a fight for capital between Hong Kong and New York to flow into their bitcoin ETFs,” Alistair Milne, Altana Digital Currency Fund’s chief investment officer, posted to X.

The fleet of new spot bitcoin ETFs approved by the U.S. Securities and Exchange Commission (SEC) in January have attracted over $50 billion in assets under management as investors rushed to get bitcoin exposure following a decade of application rejections.

Wall Street giants BlackRock
BLK

BLK
and Fidelity have emerged as the two largest of the new bitcoin ETF issuers, raking in assets under management of around $15 billion and $9 billion respectively.