Saturday, 25 May 2024

Crypto News

Hong Kong’s spot ETFs report drive BTC higher; investors pile into Bitbot presale

Hong Kong’s spot ETFs report drive BTC higher; investors pile into Bitbot presale

  • Bitcoin price has flipped above $70,000, while Ethereum is above $3,500.
  • This is after news that Hong Kong is likely to approve its first spot Bitcoin and Ethereum ETFs as soon as early next week.
  • Bitbot (BITBOT) is nearing the $2.3 million mark in presale amid investor interest.

Bitcoin is trading up, currently green as price hovers above $70,900. The leading cryptocurrency’s potential to break out to a new all-time high has received a new boost as reports emerge Hong Kong is set to approve its first spot Bitcoin ETFs.

BTC’s upside flip is likely to push other altcoins higher, and one of the new tokens attracting the most attention is Bitbot (BITBOT).

Is Bitcoin (BTC) set to explode next week?

There are reports that Hong Kong could approve the first spot Bitcoin and Ethereum ETFs in the region as early as Monday.

A Bloomberg report on Friday quotes sources as saying that the Securities and Futures Commission (SFC) is set to give it nod, just days after major Chinese funds applied to issue spot Bitcoin ETFs.

While Hong Kong’s decision is not officially communicated as of writing, there’s growing positivity in the market already. In January 2024, when the US Securities and Exchange Commission (SEC) approved the first spot Bitcoin ETFs, the price of BTC skyrocketed amid massive demand.

BTC reached its ATH of $73,737 in March, riding halving and spot ETFs sentiment. The SEC has called for public participation on spot ETH ETFs.

Today’s news has seen the bellwether crypto flip from lows of $69,500 to currently trade above $70,900. Ethereum has also gained slightly, currently hovering above $3,520.

Should the ETFs draw inflows as witnessed with BlackRock’s IBIT and others, there’s potential for BTC, ETH and other coins to rally in coming weeks.

Also likely to attract investor are new tokens that could tap into the overall market strength and specific fundamentals to emerge as top performers in the market in 2024 and beyond.

Bitbot: Pioneering non-custodial trading bot on Telegram

BitBot is the pioneering non-custodial crypto trading bot, poised to enter the crypto market at a time traders are keen on available opportunities.

While competing Telegram trading bots are custodial solutions – that is they control users’ private keys and thus hold their assets – Bitbot takes the approach of ‘not your keys, not your…

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