This will probably be good for the price of BTC if the interest in this kind of investing in BTC is approximately the same as in the US - although it is possible that this ETF will be as successful as some others in other parts of the world where investors have not shown much interest in such a way of investing.
What is bad is that China is somehow getting back into the game, and considering its attitudes towards everything that is decentralized, the only question is when it will start attacking Bitcoin again. No matter how you turn it, Bitcoin and communism cannot co-exist together, so in the long term I see only problems in these decisions, of course only if these ETFs are successful in attracting investors.
I am not worried if China is going to get back to the game of sending the entire market with some news about bans and what not because we've heard that for so long. But this is for sure going to make the new investors worry if ever they see it for the first time the "ban" of Bitcoin on them although we all knew that it's not a new thing anymore. But Hong Kong as a special administrative region of China, they function as an independent region just like any country.
Approval in Hong Kong doesn't mean future countrywide approval in China (because Hong Kong is a special administrative region), but it's still good news. It just shows that Bitcoin is becoming more reputable as an investment, and perhaps we'll see some other places follow suit.
You're right, while Hong Kong is also a haven for many businessmen and investors, this really is a sign that they can no longer ignore Bitcoin. There were news about Singapore having some application as well but they were declined but it will be bigger I guess if it's going to be from them.
At least we have good news amid global unrest, high transaction fees and a drop in Bitcoin price. Hong Kong is ranked 43rd on the list of major economies of the world. And it's stock market is ranked 4th in Asia and the 7th biggest globally. Other smaller nations around the sub-region might consider taking the same move.
Yeah, this is what we get despite all of the current ugly things that we're seeing in this world. Mainly, the high fees for transactions although it is starting to get calm but still, fluctuating and unstable and then there goes another startled war.
I believe the price will rise gradually, like what happened with US etf
It did but, it corrected quickly.
PS: I'm not sure if this is the right place for this thread so since it includes ETH, mods kindly move where it's appropriate. Thanks!
No, it is not. It should be about Bitcoin only.
—Max.
BTC>
Alright, thanks Max.
That's good news, it will bring more investors and more funds into the BTC M.cap directly or indirectly. Now I am waiting for China to do something about it, as the USA is imposing tax, and the IMF asked our country to impose tax as well, so I assume China will also make some positive move now if they really make some positive move, then we are seeing BTC crossing $150k easily.
Besides I don't think this news it the main reason behind BTC recovery, as this news has been out since afternoon (on my side) as I saw the news when it was out like within minutes, and the market had already recovered from the dip (ATL) so I assume this is not the main reason but it would have helped BTC to recover more than expected. But still I am expecting a correction to $64k But let's hope for good. Which it already did.
China has a different approach although the big mining farms are found there but they seem to be quiet for how many years after the news about ban has appeared once again. And speaking of correction, now we're back to $62k and this seems to be the support and I hope that it really is.
Since I saw this thread, I have hard the option to search out more and to also analysed the impact of the Hong Kong ETF approval on the price of bitcoin, because despite the news, the market still remains at it down trend movement still because at the moment, bitcoin is below 65k dollar, somewhere around between 62k-$63k respectfully.
This doesn't show any sign of positivity of the approval on the market outlooks, and that call for concerns.
It went to $66k when this news came but in less than 24 hours, we're back in the dip. I'm not going to look at the most recent effect of this, best effect of this is for the long term.
Crypto is not well-accepted in mainland china (read: banned) so it is nice to see that other countries are taking the step forward to accepting crypto specifically bitcoin.
This is definitely good news for crypto enthusiasts in hongkong and bitcoin investors because this means the price of bitcoin will continue to rise as more buyers are getting access to bitcoin.
Hong Kong is a SAR of China and it's like an independent country although still under China. But it has its own decision to something like this that they can't meddle so, it's a good news despite they've got connection to China.
It's amazing how one could start that kind of revolution in which ETFs are being approved now everywhere. This is kind of advanced that ETH is also approved already because IIRC, it's not yet approved in the US SEC right?
I do hope this sparks more interest and has that increase that we want in volume.
Yeah, it's not yet approved on the US and unlikely going to approved IMO but this could be a good hint for it if Hong Kong was able to approve it.
Well seeing the market right now I don't think it has had that much of a positive impact, granted we did see the last ETF only affecting the market months after. Still, I don't think it's going to have that big of an effect as compared to the first one, just the matter that it's not the first can be enough of a factor imo. It also doesn't help that I don't think this had any publicity to most people? At the very least, this is the first time I've heard of its plans.
Might still help with its gradual growth though in the long run.
It did had a good impact if it's just a one-day effect but it's not all about that. We shouldn't look at the after-effect of it just after the approval came. There's actually more to that and the impact of it is going to be more beautiful in the long run.
Great.
Time to get drunk again? Guys?
Check all the red. I have put a "pot" under it.
BTW. Seems like I am finding a way to set the price via positions. Cheers. 4.6%..
I don't drink though but you can celebrate now if you're able to buy the dips. Cheers.
China has been an anti-crypto for a very long time already and they approved an ETF on HongKong which is basically owned by China.
Look at the irony.
Well, it seems like this news has no positive effect towards the price of Bitcoin as it tumbles down further the day when this news was launched.
I don't know the reason why they approved it aside from the fact that they see the positive effect of Spot Bitcoin ETF's in US hence, they want to do the same as well. Spot Ethereum ETF is already accepted on HK. A few months from now, it will be the US who will accept it as well. This will have a long term effect towards the price of Bitcoin, and can we expect more countries doing the same as well? Hmmm.
While Hong Kong is a SAR, I don't think that with this kind of affairs China has a say on it. But let's not look at that quick impact that the news gets. Although I think that I've got an idea on why they've approved it and that's still has something to do with their covid recovery plan about having more investors, investments and make their tourism healthy again. Yes, they're on the sort of recovery and that might still be part of the actual plan before and it's just going into fruition.
Whoa! Big moves in the crypto world! 🚀 Exciting times ahead with ETH ETF approval too! 🎉
Crossing fingers but mainly for Bitcoin, there's more and the best is yet to come.
