'A Very Big Deal' – Cryptocurrencies Suddenly Prepare for Huge ETF Earthquake in China After Bitcoin, Ethereum and Ripple Prices Boom

Bitcoin BTC has exploded over the past year, sending the price of Bitcoin to over $70,000, with top Wall Street executives sounding an “urgent” warning about a US dollar time bomb.

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The price of Bitcoin surpassed its previous all-time high of $69,000 per BTC – sending the price of Ethereum higher, while XRP has added 50% since its lows in May 2023 – with its rally largely due to the emergence of a fleet of Walls. Bitcoin exchange-traded funds (ETFs) hit the streets in January (leading to a massive $75 trillion Bitcoin price prediction).

Now, as Elon Musk teases an

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More from ForbesBlackRock and Fidelity ETF Bombshell Launches Huge $75 Trillion Bitcoin Price PredictionBy Billy Bambrough

Chinese President Xi Jinping has overseen a crackdown on Bitcoin, Ethereum, Ripple and cryptocurrencies, but Hong Kong… [+] The Kong Bitcoin ETF may be about to cause an earthquake in Bitcoin prices.

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“It appears that Hong Kong will allow in-kind creations and redemptions for spot Bitcoin ETFs [the second quarter of 2024]“, Bloomberg Intelligence analyst Eric Balchunas posted on X, adding that unlike Wall Street bitcoin ETFs that are cash-only creations, “in-kind” could “help stimulate assets under management and scale in the fast-growing area.” .

“This suggests a redemption mechanism, where ‘in-kind’ offers greater operational simplicity as well as more efficient tax and cost implications,” Noelle Acheson, author of the Crypto is Macro Now newsletter, wrote in a note.

“While these details alone are not enough to ensure strong flows, they do mean a more open and flexible approach to the potential market, which in turn could attract a wider range of participants. It also indicates that approval is approaching – and this will be a “very big deal.” “Asian cryptocurrency exchange volumes are much larger than those in the US, according to data from The Block,” Acheson wrote, adding that “Asian cryptocurrency exchange volumes are much larger than those in the US, according to data from The Block.”

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More from ForbesJPMorgan CEO Issues Surprising Bitcoin Reversal as $1 Million Price Prediction Was Suddenly 'Pulled Forward'By Billy Bambrough

The price of Bitcoin has surpassed an all-time high, surpassing $70,000 per Bitcoin and pushing… [+] Raising the prices of Ethereum, XRP and other cryptocurrencies.

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China has repeatedly cracked down on Bitcoin and cryptocurrency trading in the country, most recently in 2021. Since then, most people in China have had no way to buy Bitcoin, Ethereum, XRP, XRP, or any other cryptocurrency.

However, Hong Kong, a special administrative region in China, has begun gradually opening up the Bitcoin and cryptocurrency market to traders, creating an avenue that can allow the flow of funds.

“Even a small percentage of Chinese investors find a legal way [to invest in bitcoin] “It will be significant,” Acheson told CoinDesk, adding that approval of bitcoin ETFs in Hong Kong would be “huge.”

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