Bitcoin BTC
-1.59%
The two largest cryptocurrencies and most other tokens recovered after Iran’s drone attack on Israel sparked a selloff in crypto assets over the weekend. Bitcoin briefly fell below $62,000, while ether also fell below $3,000 momentarily.
Meanwhile, the GMCI 30, which measures the performance of a selection of the top 30 cryptocurrencies, gained 4.6% in the last 24 hours.
Hong Kong ETF
The price recovery came as Hong Kong’s Securities and Futures Commission (SFC) gave in-principle approval to a series of crypto spot ETF applications from local financial institutions. The list includes China Asset Management, Bosera Asset Management and HashKey Capital, as well as Harvest Global Investments.
The new ETFs from Hong Kong institutions will open up spot investment channels not only for bitcoin but also for ether, which has not yet been approved in the United States.
“Hong Kong ETF approval means BTC and
-3.79%
are becoming common assets that even your mother could buy from a bank,” wrote Joseph Young, co-founder of Decentralized Gaming Ventures, on X. “This is a game changer.”
The SFC did not immediately respond to The Block’s request for comment.
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