The impending debut of spot Bitcoin and Ether exchange-traded funds (ETFs) in Hong Kong won’t extend market access to investors in mainland China, as per insights from Bloomberg data analyst Jack Wang.
After Hong Kong gave the nod to spot BTC and ETH ETFs, three Chinese asset management firms—China Asset Management, Harvest Global Investments, and Bosera—set the stage for the spot crypto ETFs via their Hong Kong subsidiaries by April 30.
Despite the close affiliations of ETF issuers with mainland China, they won’t be facilitating Bitcoin or Ether exposure for investors in that jurisdiction.
“Mainland Chinese citizens will not be able to participate in this,” Wang affirmed during a Bloomberg webinar on April 24, referencing a directive from the Chinese State Council in September 2021 that prohibits financial institutions from engaging in crypto-related transactions.
“Even for the futures-based crypto ETF listed in Hong Kong—I actually tried to set a trade—the brokers will just directly reject the trade,” Wang noted, emphasizing the immediate disconnect of Chinese investors from this product.
READ MORE: Hong Kong Approves First Wave of Spot Bitcoin and Ether ETFs for Trading
Wang further asserted that the launch of spot Bitcoin and Ether ETFs in Hong Kong won’t catalyze any positive changes in mainland China’s regulatory landscape nor open up the crypto market to Chinese investors.
“I would say it’s 100% not going to happen at least,” the analyst remarked.
Thomas Zhu, head of digital assets at China Asset Management, highlighted the potential eligibility of mainland Chinese investors to acquire crypto ETFs in Hong Kong contingent upon forthcoming regulatory adjustments.
Amidst buoyant anticipation surrounding the impending spot crypto ETF launch in Hong Kong, Bloomberg analyst James Seyffart underscored the dominance of Bitcoin ETFs in the United States, surpassing the total assets of all ETFs in Hong Kong.
“The U.S. ETF market is almost $9 trillion in assets—that’s trillion with a ‘T’. The entire Hong Kong ETF market is around $50 billion.
Mainland China ETFs are around $325 billion. We’re talking literal orders of magnitude differences in size and impact,” Seyffart elaborated in an X post on April 12.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Despite facing various challenges, Bitcoin maintained its position above $63,000 on April 26. Outflows from spot Bitcoin exchange-traded funds (ETFs), regulatory concerns, and scrutiny from U.S. senators did not deter its stability.
Farside Investors reported that spot Bitcoin ETFs in the U.S. experienced a net outflow of $218 million on April 25, following a $120 million outflow the previous day.
Franklin Templeton was the sole provider to register inflows on April 25, suggesting that the trend of withdrawals was not solely due to high fees at Grayscale GBTC.
On April 25, U.S. Senators Elizabeth Warren and Bill Cassidy wrote to the U.S. Department of Justice and the Department of Homeland Security, seeking details on measures to address pseudonymous cryptocurrency payments related to child abuse material.
They referenced a Chainalysis report and emphasized the importance of punishing those involved in such illicit activities.
Despite these challenges, Bitcoin bulls find optimism in deteriorating global macroeconomic conditions.
The U.S. Personal Consumption Expenditures (PCE) rose by 2.8% year-over-year in March, exceeding the target set by the U.S. Federal Reserve.
This inflation rise is concerning, especially as first-quarter U.S. gross domestic product (GDP) growth was lower than expected at 1.6%.
Market expectations suggest that the Fed may maintain higher interest rates for an extended period.
George Mateyo, chief investment officer at Key Wealth, noted that while the prospects of rate cuts remain, they are not assured, and the Fed may require weakness in the labor market before considering cuts.
READ MORE: Bitcoin Transactions Surge to All-Time High Following Halving: Runes Protocol Leads the Way
Lawrence MacDonald, founder of “The Bear Traps Report,” projected that interest payments as a percentage of federal spending in the U.S. would increase to 12.3% in 2024.
Recent government bond auctions showed a tepid response from investors, with the five-year U.S. Treasury yield reaching its highest levels in nearly six months on April 25.
Bitcoin investors are cautious about the unsustainable trajectory of U.S. government fiscal policies, as lower interest rates to alleviate debt burden could lead to higher inflation.
The situation is not unique to the U.S.; Japan, the world’s fourth-largest economy, experienced a significant devaluation of its currency, the yen, reaching its lowest level since 1990, and a lower-than-expected inflation rate of 1.8% in April.
Geiger Capital, a user on the X social network, highlighted that the Bank of Japan (BOJ) is restricted from raising interest rates due to the country’s staggering 265% debt-to-GDP ratio.
While a weaker yen benefits exports, it hampers domestic consumption.
Moreover, as the largest holders of U.S. Treasurys, Japanese investors’ actions significantly impact the global economy.
In summary, Bitcoin’s price faced challenges from outflows in U.S. spot ETFs, regulatory pressures, and global economic downturns.
Nonetheless, some analysts believe that worsening global economic conditions may prompt additional stimulus measures by central banks, potentially benefiting Bitcoin due to its scarcity and resistance to censorship.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Bitcoin experienced a decline leading up to the Wall Street opening on April 26, with prevailing trading conditions restraining bullish momentum.
According to data from Cointelegraph Markets Pro and TradingView, BTC retraced from its peak of $65,300 to the daily close.
The market remained ensnared within a stubborn trading range, influenced by problematic macroeconomic indicators and underwhelming performance from US spot Bitcoin exchange-traded funds (ETFs).
These ETFs witnessed net outflows exceeding $200 million the previous day, dampening what initially seemed a promising week start.
James Seyffart, an ETF analyst at Bloomberg, highlighted the downturn, noting, “5 ETFs saw outflows for a total of -$217 million. Franklin was the only ETF with an inflow at $1.9 million.”
As a subdued sentiment pervaded the crypto sphere, some observers speculated on the prolonged absence of a clear Bitcoin price trend.
READ MORE: Robinhood Broadens Cryptocurrency Reach: New Yorkers Gain Access to SHIB, AVAX, and COMP Trading
However, Michaël van de Poppe, founder and CEO of trading firm MNTrading, countered this narrative, foreseeing substantial divergence in altcoins leading to anticipated gains.
He remarked, “Bitcoin is still stuck in a range. I don’t think we’ll see much happening from here for the coming 3-6 months. Slow sideways, perhaps a grind. Expecting way more from Altcoins.”
On April 26, Bitcoin’s dominance in the overall crypto market stood at 55%, down from its recent peak of 57% on April 13 — the highest level in two years.
Meanwhile, renowned trader and analyst Rekt Capital, monitoring BTC price performance post-block subsidy halving, set a two-week timeframe for any significant downturns.
He cautioned, “In this cycle, Bitcoin has entered the Post-Halving ‘Danger Zone’ (purple) and is very near the Range Low.
“If additional downside volatility below the Range Low is to occur, it would be during these upcoming two weeks.”
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Bitcoin transactions soared to a historic pinnacle, registering a remarkable 926,842 transactions, merely three days post the Bitcoin halving event.
On April 23, Bitcoin witnessed an overwhelming surge in daily transactions, surpassing its previous high of 731,000 transactions recorded in December 2023, as per data from Glassnode.
This milestone was achieved in the aftermath of the Bitcoin halving on April 20, coinciding with the introduction of Bitcoin Runes, a novel protocol facilitating the issuance of fungible tokens within the Bitcoin network.
Constituting the majority of transactions on the Bitcoin network, Runes accounted for a striking 68% of all Bitcoin transactions. Dune data revealed a total of 3.6 million transactions related to Runes.
Nazar Khan, co-founder and CEO of TeraWulf, highlighted the significance of block space on Bitcoin, citing Runes and Ordinals as testament to this value:
“Runes and Ordinals are demonstrating the value of block space… The Bitcoin network is the most decentralized, secure, and robust network that exists, so there will be use cases and value derived from that block space.”
READ MORE: Hong Kong Approves First Wave of Spot Bitcoin and Ether ETFs for Trading
Despite the record-breaking transaction volume, Bitcoin’s price remained relatively subdued, hovering just above the $64,000 mark. CoinMarketCap data indicated a decline of over 9% in the cryptocurrency’s price on the monthly chart.
However, the true potential for Bitcoin Runes may only materialize in the coming months, according to insights from Ignas, a pseudonymous decentralized finance (DeFi) researcher.
In an April 17 X post, Ignas suggested that while Runes had garnered significant attention within the Bitcoin community, the actual market opportunity might unfold after the initial surge of investor excitement subsides:
“Runestone, RSIC, and PUPS are already pumping, promising holders shiny new Rune token airdrops. And FOMO threads keep coming. But, like the NFT frenzy post-JPEG reveal, the market could soon cool off.”
Ignas cautioned that due to their initial lack of utility, Runes could experience trading dynamics reminiscent of volatile memecoins shortly after their launch.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Hong Kong’s financial regulator, the Securities and Futures Commission (SFC), recently greenlit the debut of spot Bitcoin (BTC) and Ether exchange-traded funds (ETFs), scheduled to commence trading on April 30, as per a Cointelegraph report.
The approved ETFs, spearheaded by China Asset Management (ChinaAMC), are poised to offer investors, both retail and institutional, a regulated avenue for delving into the world of digital assets.
Thomas Zhu, head of digital assets and family office business at ChinaAMC, emphasized the allure of these ETFs, stating, “The in-kind feature also attracts coin holders by offering the ease of converting coins to fully regulated ETFs managed by professional fund managers and regulated custodians.”
Hong Kong’s approach stands in contrast to the cash-centric model seen in the United States, with a focus on in-kind creation models that facilitate the generation of new ETF shares through BTC and ETH.
Rebecca Sin, an ETF analyst at Bloomberg, highlighted the significance of this strategy, noting, “Hong Kong is aiming for in-kind creation of the ETF, unlike the US, where the transaction is cash only — in the US, it’s cash in, Bitcoin ETF out, while Hong Kong aims for Bitcoin in, ETF out.”
READ MORE: DAO Maker Faces Backlash Over Unfulfilled Compensation Promises Following $7M Hack
Anticipation surrounds the potential for a fee competition among ETF issuers in Hong Kong, with James Seyffart, another Bloomberg ETF analyst, suggesting, “A potential fee war could break out in Hong Kong over these Bitcoin and Ethereum ETFs.”
Harvest, in particular, is set to shake things up with a full fee waiver and a meager fee of 0.3% after the waiver.
Eric Balchunas, a senior ETF analyst at Bloomberg, expressed optimism regarding the lower-than-expected fees for the initial ETFs, deeming it a promising indicator.
He observed, “Fees are 30bps, 60bps, and 99bps which is on average lower than we thought, good sign.”
The impending debut of these ETFs in Hong Kong not only marks a milestone in the region’s financial landscape but also signals a significant step forward in the mainstream adoption of cryptocurrencies within a regulated framework.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Australia has reached a significant milestone in the realm of cryptocurrency, now boasting 1,000 active crypto-fiat machines, making it the third-largest hub for Bitcoin ATMs globally.
This achievement, as of April 24, marks a notable growth in the country’s crypto infrastructure.
Coin ATM Radar data reveals that Australia joins the ranks of the United States and Canada in surpassing the 1,000 mark for Bitcoin ATMs.
Currently, Australia represents 2.7% of the global Bitcoin ATM network, showcasing a steady rise in adoption and accessibility within the country.
The United States, leading the global landscape, hosts the majority share of Bitcoin ATMs, accounting for 82.8% with a staggering 31,170 machines.
Following closely, Canada holds 7.8% of the global market share with 2,918 crypto ATMs.
Australia’s journey to becoming a prominent player in the crypto ATM space wasn’t always evident.
Historically considered an inactive market, the country experienced a surge in adoption since the latter part of 2022, largely fueled by the involvement of private enterprises.
By April 2023, Australia had surpassed Asia in Bitcoin ATM count, a region encompassing major economies like China, Japan, Singapore, and India.
READ MORE: Blockchain Association and Texas Crypto Group Sue SEC Over Dealer Rule Changes, Claiming Overreach
\With the current installation pace, Australia is on track to outpace Europe, which currently holds 4.3% of all active Bitcoin ATMs, totaling 1,617 machines.
Among other countries with notable crypto ATM presence are Spain (261 machines), El Salvador (215), Poland (211), Germany (194), and Hong Kong (157), showcasing a global trend towards increased accessibility to cryptocurrencies.
In a recent development reported by Cointelegraph, hackers who previously disclosed El Salvador’s Bitcoin ATM database have now released a portion of the source code for the country’s state-operated Chivo Bitcoin wallet.
The hacker group, CiberInteligenciaSV, shared the code on a public forum, emphasizing its origin from a government wallet and its availability for public scrutiny.
Local cybersecurity project VenariX issued a warning on April 22 regarding the impending leak, referencing announcements made by CiberInteligenciaSV’s Telegram channel regarding their plans to release the source code.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
On April 20, 2024, Bitcoin mining revenue reached a record-breaking $107.7 million, marking a historic high on the day of Bitcoin’s fourth halving event.
This milestone was primarily fueled by mining rewards and transaction fees as the cryptocurrency community rallied to participate in this pivotal moment.
The day saw an exceptional amount of activity with $2.4 million, or 37.7 BTC, spent in transaction fees alone by investors eager to secure a spot on the 840,000th Bitcoin block.
This block, pivotal due to the halving event, processed 3,050 transactions, averaging nearly $800 in fees per transaction.
The rush to record transactions on this significant block drove fees to unprecedented levels.
This surge in transaction fees was largely driven by the excitement surrounding the launch of Casey Rodarmor’s Runes Protocol, which coincided with the halving.
The enthusiasm to mint rare satoshis on the halving block added to the frenzy, pushing the day’s earnings for miners past the previous record of $78.7 million achieved on March 11.
At that time, Bitcoin had reached a new high of $71,415, which significantly influenced mining revenue as payouts are in BTC.
READ MORE: Pro-XRP Lawyer John Deaton Advocates for Coinbase Users in SEC Lawsuit, Sets Sights on Senate Seat
The halving event itself, a mechanism designed to reduce the block reward by half periodically, cut the mining reward to 3.125 BTC per block.
This reduction is part of a deflationary model intended to control the supply of new bitcoins entering the market.
However, the excitement was short-lived. By the following day, the average transaction fee on the Bitcoin network had drastically dropped from a record high of $128 to just $8–$10 for medium-priority transactions, as reported by mempool.space.
This decline reflects a normalization of fees following the halving event hype.
As the Bitcoin community reflects on this monumental day, the impact of such events continues to underscore the volatile nature of cryptocurrency fees and mining revenues.
The dynamics of supply and demand in the blockchain space remain a fascinating aspect of its economic and technological landscape.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
In a recent update that boosts optimism among affected users, the trustee of the hacked cryptocurrency exchange Mt. Gox has provided crucial information regarding the repayment process for the lost funds.
Users on the Mt. Gox insolvency subreddit began reporting in mid-April that their claims accounts had been updated.
These updates included details on the amounts of Bitcoin, Bitcoin Cash, and fiat currencies slated for repayment.
This has led many to anticipate imminent cryptocurrency reimbursements.
A creditor shared a screenshot on the subreddit that displayed a new table in their Mt. Gox account.
This table indicated various entries such as the status of repayments, the amounts that have been paid, and those still pending.
Further reinforcing these updates, multiple creditors have confirmed receiving fiat payments directly into their bank accounts.
One user detailed their experience on April 22, stating, “Money received as USD into an HSBC currency account and looks like zero fees,” highlighting the efficient processing of their repayment more than a month after initial updates were noted on their account.
They explained the timeline of updates: “Table had been updated March 15 first then April 8 second then April 18 when BTC lines arrived.”
These developments have been positively received within the community, with one creditor discussing the significance with Cointelegraph: “The latest additions of Bitcoin on the accounts in the Mt. Gox rehabilitation claims system is a major move for Mt. Gox creditors signaling disbursement of crypto or fiat will happen,” they noted.
READ MORE: Bitcoin Mining Stocks Surge on Nasdaq Ahead of Bitcoin’s Fourth Halving Event
They further compared it to previous disbursements, recalling, “In comparison, last December Japanese claimants received notes on their page and within two weeks they saw fiat in their accounts via PayPal and private banks,” adding hopefully, “Let’s hope the crypto remittance echoes that of its fiat predecessor.”
Mt. Gox was established in 2010 and quickly ascended to become the world’s leading Bitcoin exchange, handling about 70% of all Bitcoin transactions until its collapse in 2014 due to a massive security breach that resulted in the loss of 850,000 BTC.
The exchange, now inoperative, is slated to reimburse its creditors with significant assets: 142,000 Bitcoin, 143,000 Bitcoin Cash, and 69 billion Japanese yen (approximately $510 million), with all repayments expected to be completed by October 2024.
This positive momentum follows the completion of identity verifications in January 2024, allowing the trustee to prepare the repayments through various established platforms such as Bitstamp, Kraken, Bitbank, BitGo, and SBI VC Trade.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Several Bitcoin mining companies listed on the Nasdaq stock exchange experienced notable gains in their share prices this past trading week, particularly in the 24 hours leading up to Bitcoin’s fourth halving event on April 20.
This event, critical to the operations of Bitcoin mining firms, cuts the reward for mining each block by half—from 6 BTC to 3.125 BTC.
As anticipation built, stock investors speculated about which companies might emerge as leaders in the industry.
This speculation resulted in significant price surges for some firms.
Riot Platforms (RIOT) led with a 10.13% increase in its share price to $9.13 on April 19, following the announcement of a new 250-acre mining facility in Corsicana, Texas.
The same day, Jason Les, CEO of Riot Platforms, had the honor of ringing the closing bell at Nasdaq headquarters.
Close behind was Marathon Digital (MARA), which saw a 9.78% jump to $16.50. Clean Spark (CLSK) also enjoyed a rise, with shares up 5.98% to $17.20.
READ MORE: Sleepy Shiba (SLESHIB) to Rally 13,000%, Take on SHIB and BOME With Huge MEXC Listing
These increases came as firms prepared to adjust their operational strategies post-halving to maintain profitability, either by expanding operations or potentially ceasing them if the costs became unsustainable.
The challenges facing the industry were underscored by Hut 8 CEO Asher Gennot, who noted that several Bitcoin mining companies faced bankruptcy in 2022 due to overleveraging and high energy costs.
In response, major Bitcoin miners, including Marathon Digital, have been proactive; Marathon recently announced the acquisition of a 200-megawatt Bitcoin mining facility in Texas for $87.3 million.
Additionally, Riot Platforms made a significant investment in December 2023, purchasing 66,560 mining rigs from MicroBT in one of the firm’s largest expansions.
While Bitcoin mining firms enjoyed a day of gains, the broader S&P 500 index did not fare as well, recording a 0.88% decrease over 24 hours and a total decline of 3.54% over the last five trading days, according to Google Finance data.
These fluctuations underscore the volatile nature of both the cryptocurrency and stock markets as firms navigate the new landscape post-halving.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
The fourth Bitcoin halving, occurring on April 20, might initiate the “most bullish” cycle for Bitcoin, influenced by historical trends and the introduction of spot Bitcoin exchange-traded funds (ETFs).
On March 13, Bitcoin’s value soared to an unprecedented high of over $73,600, anticipating the halving event.
This milestone was historically followed by significant price surges between 518 to 546 days after previous halvings.
According to Sukhveer Sanghera, founder and CEO of Earth Wallet, the confluence of factors surrounding this halving presents an exceptionally optimistic outlook for Bitcoin.
“The combination of nearly all BTC having been mined, early investor via ETFs, increasing demand for inflation hedges, and increased utility — all fundamental aspects of Bitcoin’s value proposition are stronger than ever before,” Sanghera explained to Cointelegraph.
Despite a minor 5.6% dip in its weekly performance, Bitcoin was trading above $63,600 as of late April, showcasing a modest 2.85% monthly gain and an over 50% increase since the start of 2024, as per TradingView data.
Bitcoin’s price trajectory is predicted to maintain bullish momentum in the long term, despite typical short-term corrections following halvings.
Temujin Louie, CEO of Wanchain, anticipates potential fluctuations but remains optimistic. “Historically, Bitcoin halvings were followed by a slump.
Expect to see continued consolidation so long as support around $58,000 holds.
If BTC breaks recent highs, look for a rapid increase to $80,000, $90,000, or even $100,000 as investors favor round numbers,” Louie stated to Cointelegraph.
READ MORE: Laughing Shiba Inu to Turn Early Buyers Into Memecoin Millionaires, As SHIB and DOGE Lose Ground
Prior to the halving, Bitcoin ETFs experienced a downturn in accumulation, with net inflows turning negative during the halving week.
The U.S. spot Bitcoin ETFs registered $398 million in net outflows, contrasting with the prior week’s $199 million in net inflows, according to data from Dune.
Nevertheless, these ETFs collectively hold over 835,000 BTC valued at $53.5 billion, constituting 4.24% of the available Bitcoin supply.
Despite this dip in ETF inflows, the broader narrative surrounding Bitcoin remains positive.
Jonas Simanavicius, co-founder and CTO at Syntropy, underscores the continuing interest from major institutional players.
“Early adopters from large capital institutions have entered the market, and it is taking time for the next wave of institutions to prepare their inflows.
“While big banks predict some downward movement in BTC post-halving, I see strength in BTC due to potential new money inflows and its positioning as a hedge against inflation,” he remarked.
Simanavicius also highlighted Bitcoin’s growing reputation as a “hedge against political tensions,” enhancing its appeal as a secure asset amid global uncertainties.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.