Hong Kong, special administrative region of the People’s Republic of China, where cryptocurrencies and all activities related to them are banned, has approved Bitcoin and Ether spot ETFs. Hong Kong also approved the term ETFs of two cryptocurrencies in 2022. There has been a serious environment for the approval of spot ETFs in the region for some time.

Bitcoin price increased

Bitcoin, which fell below $61,000 over the weekend due to Iran-Israel tensions and exceeded $65,000 again as of tonight, rose further with the news from Hong Kong. The largest cryptocurrency rose above $66,700.

There are also Chinese giant companies

Especially last week, US and Chinese media reported that giant Chinese fund management companies also applied for Bitcoin spot ETFs in Hong Kong. Chinese giants China Asset Management and Bosera Capital are among the companies whose Bitcoin and Ether spot ETFs have been approved.

China’s crypto gate…

As it is known, China banned all activities related to cryptocurrencies in 2021. However, the winds blowing in this direction in the world as of 2023 and the increasing interest in Bitcoin enabled the country to integrate into the world in this way, at least through Hong Kong. Some analysts and investors claim that China may lift its crypto bans.