Bitcoin BTC
+2.40%
Ethereum prices rose in Asia on Monday afternoon after Hong Kong gave preliminary approval to an application for a local spot cryptocurrency exchange-traded fund. According to the Hong Kong market, over the past 24 hours as of 4:15 p.m., the price of Bitcoin rose 2.8% to $66,425, and Ethereum rose 5.2% to $3,252. This is The Block’s price page.
The two largest cryptocurrencies and most other tokens recovered following Iranian drone attacks on Israel sparked a massive sell-off in crypto assets over the weekend. Bitcoin briefly fell below $62,000, and Ethereum also momentarily fell below $3,000.
Meanwhile, the GMCI 30, which measures the performance of the top 30 cryptocurrencies, is up 4.6% over the past 24 hours.
Hong Kong ETF
Prices recovered after the Hong Kong Securities and Futures Commission (SFC) approved in principle numerous applications for spot cryptocurrency ETFs from local financial institutions. The list includes China Asset Management, Bosera Asset Management and HashKey Capital, and Harvest Global Investments.
The Hong Kong institution’s new ETF will open a spot investment channel not only for Bitcoin but also for Ethereum, which is not yet approved in the United States.
“HK ETF approval means BTC and ETH have become mainstream assets that even your mother can buy from her bank.” wrote Joseph Young, co-founder of Decentralized Gaming Ventures, talks about X. “This is a game changer.”
The SFC did not immediately respond to The Block’s request for comment.
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