Hong Kong spotlight Bitcoin While ETFs were a disappointment in the market, the decline in trading volumes during the same period also reduced token prices. In the same period, BTC first dropped to $61,000 and then to $58,000.
Analyst WhaleWire, Bitcoin and EthereumSix Hong Kong ETFs, including , underlined that they largely missed market expectations on the first day of trading. drew. The ETFs had a combined trading volume of just $11 million, well below the $125 million expected.
JUST IN: CRYPTO MARKETS DROP AFTER HONG KONG #BITCOIN ETF RECORDS LOW DEMAND.
The 6 Hong Kong ETFs drastically missed market expectations on the first day of trading, with a combined trading volume of only $11 million, a tiny fraction of the $125 million many expected.
NEWS CONTINUES BELOW— WhaleWire (@WhaleWire) April 30, 2024
WhaleWire’s comment on the subject is much more striking:
This isn’t a surprise, as he emphasized the narrative of non-existent institutional demand and added that the rise in Bitcoin prices over the past few months was a result of Tether (USDT) “injecting a record amount of fake money into the markets.”
Analyst Nicholas Sciberras emphasizes the recent remarkable price increase in Bitcoin price, arguing that major tops are possible but “catastrophic declines are also possible.”
Sciberras noted that there are those who think the four-year halving event is not as significant as expected, and instead touched on the theory that its alignment with external liquidity cycles acts as a trigger for prices to rise.
Additionally, Sciberras pointed out that considering the block reward will decrease with each halving, concerns about the long-term security of Bitcoin, as well as short-term selling pressure and software deemed ‘spam’ among developers, are nothing but clogging up the network.
He went on to highlight “increasing criticism of Bitcoin’s environmental impacts, growing hostility towards crypto assets, the possibility of Europe reinstating its PoW (proof of work) ban, and the impacts of AML and KYC laws.”
He noted that if governments’ pressure on Bitcoin increases and energy consumption becomes more politicized, there may be pressure on Bitcoin’s long-term sustainability. He also emphasized that if BTC adoption and demand is weak, security may decrease and the network may be threatened.
It is also worth noting that the crypto market felt the decline in US trading activity, with the US PMI falling to 50.9 in April, with Bitcoin trader Peter Schiff warning that the price of the asset would drop below $60,000.
