BTC & ETH prices climb after crypto ETF in Hong Kong

Bitcoin and Ethereum prices have risen in the past 24 hours after several issuers in Hong Kong said their spot crypto exchange traded fund (ETF) has been approved. For example, Bitcoin (BTC) rose 3.43% in the past 24 hours, while Ethereum (ETH) rose 7.39%.

China Asset Management, Bosera Capital and other applicants posted on social media platform WeChat (Weixin) that they have been approved to list spot crypto ETFs in Hong Kong.

No confirmation on crypto ETFs

However, these announcements appear to pre-empt an official statement from Hong Kong’s Securities and Futures Commission (SFC), which has not posted a list of approved issuers. Some messages have also now been deleted.

The SFC did not return emails or phone calls seeking comment. QCP Capital, a Singapore-based digital asset trading house, said in a note that it believes the crypto ETFs will create institutional demand during Asian trading hours if approved.

“Participants seeking exposure have always been limited to US trading hours, but this gives institutional investors an alternative in Asia,” QCP wrote. “We think this will be bullish in the short term, but there are more important storylines and drivers, such as macro events.”

Bitcoin price has cautious recovery

As mentioned earlier, the Bitcoin price has risen by 3.43% to $66,209 in the past 24 hours. Despite this increase, Bitcoin is down 8.47% since last week.

However, this possible approval of a spot Bitcoin ETF in Hong Kong has caused a slight recovery. In a month, BTC has fallen by 1.56%, while it has risen by 117.64% in a year.

The technical indicators of the Bitcoin price are currently bullish. For example, the Relative Strength Index (RSI) has risen to a neutral value of 53.7 from an oversold low of 20.9 reached this Saturday.

The Moving Average Convergence Divergence (MACD) also currently has a bullish value of 414, which indicates that the price may continue its upward trend for a while.

Ethereum price is more volatile

In the past 24 hours, the Ethereum price has risen by 7.39% to $3,238.8. However, the price has fallen by 10.81% this week, and even by 12.4% in the past month.

Compared to a year ago, Ethereum is still up 53.65%. These rises and falls show that the Ethereum price is currently a lot more volatile than the Bitcoin price.

Ethereum’s technical indicators are also bullish at the moment. For example, the RSI with a value of 57.7 shows that more investors are currently buying ETH than selling.

Furthermore, the MACD is also positive with a value of 34.82. We therefore expect that this recovery may continue. At the moment, however, the next Bitcoin halving remains the most important for the future of crypto.

Promising altcoins for the next bull run

The upcoming Bitcoin halving is getting closer. In the past, this event has always been the catalyst of a crypto bull run. Below we will discuss two new altcoins that have a lot of potential to rise during this bull run.

99Bitcoins – Cryptocurrency educational ecosystem

99Bitcoins ($99BTC) is a platform that has been teaching traders and investors everything about blockchain and cryptocurrency since 2013. It recently launched its own Learn-2-Earn ecosystem, where users will earn $99BTC tokens for completing courses on blockchain.

The project wants to build an educational ecosystem. Many of the lessons will be available for free, although users can also purchase advanced lessons, trading signals and strategies or access to VIP groups and personal mentors with $99BTC.

Furthermore, 99Bitcoins already has an extensive community of more than 700k users. With $99BTC you can also earn passive income through staking. Therefore, invest in 99Bitcoins as early as possible to benefit as much as possible. Tokens are available now for $0.001 each in the presale.

Dogeverse – The world’s first chain-traveling meme coin

Dogeverse ($DOGEVERSE) is a new meme coin that also has a Doge as a mascot. This cryptocurrency will be available on various blockchains, including Ethereum, BNB, Polygon, Solana, Avalanche and Base. Its mascot, Cosmo, is therefore also called the world’s first chain-traveling Doge.

During the Dogerse presale, 30 billion of the 200 billion tokens will be offered to investors. The tokens allow investors to earn passive income through staking, which currently offers an APY of 214%. 10% of the total token supply is reserved for staking.

The money raised from the presale will be used to further develop the project. This includes liquidity for exchanges, marketing and further technological development of the ecosystem. Tokens currently cost $0.000295 each. Be quick before the price rises further.

Disclaimer: This article contains insights from independent authors and is not part of BitcoinMagazine.nl’s editorial content. This is not investment advice, please do your own research.