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Bitcoin Bitcoin ETF

Bitcoin Spot ETFs to Hit Hong Kong Market on April 30, Expert Warns of Imminent Rate War

In a significant development for the Bitcoin (BTC) market, Hong Kong will witness the start of trading of several spot Bitcoin ETFs on April 30.

This milestone follows the successful approval and subsequent commercialization of Bitcoin ETFs in the United States earlier this year under the regulatory oversight of the Securities and Exchange Commission (SEC).

With institutional adoption on the rise and Bitcoin reaching its all-time high of $73,700 in March, the upcoming launch of these ETFs in Hong Kong holds great promise for the cryptocurrency market.

Rate battle looms

The Hong Kong Securities and Futures Commission (SFC) made a notable announcement on April 15, approving the trading of several Bitcoin and Ethereum spot ETFs. This regulatory approval paved the way for Bitcoin ETF trading in Hong Kong.

Industry experts Eric Balchunas and James Seyffart of Bloomberg anticipate a rate war will ensue as ETF issuers strive to attract the largest number of customers.

Balchunas and Seyffart predict possible rate war in Hong Kong as Bitcoin ETFs prepare to launch. The Harvest Fund, for example, plans to enter the market with full fee waivers and the lowest rate of 0.3% after the waiver period.

Revised Bitcoin ETF Projections

The competitive fee structures of these Bitcoin ETFs are expected to generate greater interest among investors, which could attract greater assets under management.

Balchunas acknowledges the relatively low rate levels and describes them as a positive sign for the market. Lower fees are likely to increase the attractiveness of these index funds and increase their assets under management (AuM).

While optimism surrounds the launch of Bitcoin ETFs in Hong Kong, Eric Balchunas offers a cautious analysis of potential capital inflows into this new market.

Blachunas suggests that these ETFs could lag behind their US counterparts, which have already achieved trading volumes of more than $200 billion since their launch in January.

Balchunas revised his initial forecast, estimating that these Hong Kong ETFs could attract up to $1 billion in assets under management in the first two years of operation, doubling his previous projection of $500 million.

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Bitcoin Investment Cryptocurrency Investment HYIPs NFT Investment

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cryptocurrency exchange Cryptocurrency news

CoinEx sponsors 2049 Dubai token as proof of its commitment to promoting global cryptocurrency adoption

Dubai, United Arab Emirates, April 2024: CoinEx, a leading global cryptocurrency exchange, is honored to announce its sponsorship as a Gold Partner of Token 2049 Dubai from April 18 to 19, 2024. As one of the events of blockchain and cryptocurrencies, 2049 most influential Token in the world. brings together industry pioneers, investors, businesses, developers, media and other stakeholders to start conversations that will shape the future of Web3.

As a veteran exchange serving over 5 million users in over 200 countries, CoinEx is pleased to participate in Token 2049 Dubai and contribute to the event’s vibrant atmosphere of collaboration and innovation.

“We are excited to connect with the global crypto community as the title sponsor of the 2049 Dubai token,” said Haipo Yang, CEO of CoinEx. Events like Token 2049 are key to driving widespread adoption, promoting an open exchange of ideas, and strengthening ties between builders in this space. The sponsorship reflects our continued commitment to enabling global cryptocurrency adoption.

Additionally, CoinEx and ViaBTC will also host a seaside after-party called “Dubai Beach Night: Where BTC Meets Fun Together” with INTERHASH as co-host at Verde Dubai, Jumeirah Beach Hotel on April 17 at 8:00 PM. 00. I am. CoinEx hopes to engage crypto communities around the world and drive cryptocurrency adoption hand in hand.

About CoinEx

Founded in 2017, CoinEx is a global cryptocurrency exchange committed to making trading easier. The platform offers a range of services including spot and margin trading, futures, swaps, automated market makers (AMMs), and financial management services to more than 5 million users in more than 200 countries and regions.

With its “quality, fast, and comprehensive” listing strategies, CoinEx has listed over 900 tokens and over 1,400 trading pairs. This wide selection allows users to access the latest cryptocurrencies at the forefront of innovation. Since its inception, CoinEx has firmly adhered to the service principle of “user first”. With the sincere intention of fostering a fair, respectful and safe cryptocurrency trading environment, CoinEx allows people with different levels of experience to effortlessly access the world of cryptocurrency by offering easy-to-use products.

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Bitcoin Bitcoin Wallet Cryptocurrency news

Bitcoin Supply on Cryptocurrency Exchanges May Only Last 9 Months

Cryptocurrency trading and exchange platform Bybit has released a new report highlighting the impacts of the upcoming Bitcoin halving event on Bitcoin supply dynamics across exchanges in the crypto space. The crypto firm provided valuable insights into how the halving event would improve scarcity and hugely influence the price of BTC.

Exchanges will face Bitcoin supply crisis

On Tuesday, April 16, Bybit published a new report providing a detailed analysis of the Bitcoin halving event taking place this month. The crypto firm revealed that Bitcoin reserves on the world’s crypto exchanges are rapidly depleting, leaving just nine months of BTC supply on exchanges.

For a clearer perspective, Bybit explains that with just two million Bitcoin remaining in its total supply, a daily inflow of $500 million into spot Bitcoin ETFs would result in approximately 7,142 BTC leaving exchanges daily. This suggests that it would only take nine months to completely consume all remaining BTC reserves on exchanges.

Bybit stated that one of the main contributors to this reduction in supply would be the upcoming Bitcoin halving event, which would reduce the cryptocurrency’s total supply by 50%, cutting Bitcoin miners’ rewards in half.

The cryptocurrency exchange also revealed that after the halving, the sell-side supply of BTC flowing to centralized exchanges (CEX) will be greatly reduced. Furthermore, the “Bitcoin supply constraint will apparently be worse.”

BTC will become “twice as rare as gold”

In its report, Bybit compared the supply of Bitcoin after the halving with that of gold. The crypto exchange revealed that Bitcoin was steadily rising to become one of the safest investment options for even the most experienced and sophisticated investors in the crypto space.

According to the exchange, Bitcoin’s halving would significantly impact the cryptocurrency’s scarcity factor, making it an even rarer asset than gold.

Basing this analysis on the stock-to-flow (S2F) ratio, Bybit revealed that Bitcoin’s S2F ratio is currently around 56, while gold’s ratio is 60. After the halving event in April, it projects that the Bitcoin’s S2F ratio will increase to 112.

“Each Bitcoin halving enhances the narrative of Bitcoin not just as a currency, but as a scarce digital asset, similar to digital gold. The next halving in 2024 will push BTC into an era of unprecedented scarcity, making it twice as rare as gold,” said Bybit co-founder and CEO Ben Zhou.

While highlighting the importance of Bitcoin’s rarity after the halving, another report also revealed that Bitcoin’s price would see significant upward pressure after the halving. This suggests that the reduction in BTC supply could push its price to new highs during this period.

Furthermore, the report revealed that several crypto analysts predict that the post-halving rise in Bitcoin’s price would be less notable than the initial pre-halving surge that saw Bitcoin’s price reach new highs of over $73,000.

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cryptocurrency exchange Cryptocurrency news

Study finds that 70% to 80% of secondary market transactions involve cryptocurrencies and stablecoins

Around 70% to 80% of cryptocurrency secondary market transactions occur between crypto assets and stablecoins. The South Korean government’s welcoming stance, along with the huge popularity of crypto assets in the country, are among the reasons why the won is now the second most used fiat currency.
Decline in cryptocurrency volumes for stablecoin 2021/2

According to the latest analysis by the European Securities and Markets Authority (ESMA) on the structure of the cryptoasset market, approximately 70% to 80% of secondary market transactions occur between cryptoassets and stablecoins, without the participation or the use of fiat currencies.

While this is often the case, the ESMA report suggests that during periods of strong growth, transactions between cryptocurrencies and stablecoins often give way to crypto-crypto transactions. The report supports this theory by noting the increase in crypto-to-stablecoin volumes and a decrease in crypto-to-stablecoin volumes in 2020 and 2021. A similar trend was observed in the second half of 2023.

On the other hand, the ESMA report indicates that the growth of crypto transactions involving fiat currencies may suggest “a greater appetite or flight behavior towards security when withdrawing.” While the US dollar is, unsurprisingly, the most favored fiat currency, ESMA’s analysis also found that the use of the South Korean won has increased significantly.