Hong Kong Expedites Approval Process for Bitcoin and Ethereum ETFs; Ethereum Price Prediction: Will ETH Cross $5000 This Year?

Hong Kong’s cryptocurrency market is rapidly growing, driven by regulatory greenlights, particularly in the spot Bitcoin ETFs and spot Ethereum ETFs. So far, 10 financial institutions, including Harvest Finance have already presented plans for spot Bitcoin ETFs and are expected to be launched in Hong Kong as soon as possible. Reports also show that Hong Kong may launch the spot Ethereum ETFs earlier than the US. 

Applications for spot Bitcoin ETFs are still in progress, and Hong Kong is among the financial institutions pushing the launch of 11 spot Bitcoin ETFs. According to local media reports, the industry is calling for swift action regarding the approval of spot ETFs, including ETH ETFs.

While the US Securities and Exchange Commission postponed the approval of Ethereum ETFs, Hong Kong witnessed growing adoption and regulatory support for the launch of Ethereum ETFs. In this case, there’s a possibility that spot Ethereum ETFs will be launched in Hong Kong earlier than expected. 

Weng Xiaoqi, COO of HashKey Group, said, “The delay of spot ETFs for half a year also means that the entry of U.S. capital into the market will be half a year later. By then, they will face higher purchase costs and entry points and will have to bear the risk of being locked in by U.S. capital.”

Despite the delay in spot Ethereum ETFs pending approval in the US, ETH, on the other hand, is back at the $4,000 threshold after experiencing volatility in the past few days. 

With a nearly $500 billion total market cap, Ethereum is experiencing a significant underlying bullish trend. At this time of writing, ETH is trading at $4,011 (1.52% up) with a 24-hour trading volume of $22.7 billion.

Now, the market is wondering if ETH will be approaching $5,000 anytime soon.

Surpassing the $4,000 level, ETH is showing signs of strength to breaking its current all-time high and avoiding a potential death cross on the weekly chart. If buyers manage to cross ETH above $5,000, the bull run could massively increase in 2024. With the potential spot ETH ETF approval and Bitcoin Halving, ETH price could reach $10,0000