Cryptocurrency trends: global outlook on ETFs - New participating country
Greetings friends of Steem Alliance, I hope your month is progressing very well, as the year is coming to an end, and that the results for everyone are the best.
Today brings me here to share a post in which I want to talk about the importance that cryptocurrencies continue to gain globally, and a sign of this is the possible approval of the STFs of Bitcoin as well as Ethereum by the SEC, but additionally I must highlight the possible participation in this aspect of what are the ETFs spot by Hong Kong.
I must say that while it is true that Hong Kong assumes this possibility of approving Bitcoin ETFs does not mean that Beijing as the capital of China does so. It should be noted that Hong Kong is a special administrative region of China that enjoys a high degree of autonomy in many respects, such as its legal and economic system. And such is this demonstration a case of that.
We must remember that a couple of years ago China literally banned cryptocurrencies, causing many Bitcoin miners to leave that country and go to others with much friendlier policies, but recently Hong Kong, specifically on December 22, the Securities and Futures Commission and the Monetary Authority of that important Asian economic hub is open to receive applications for both Spot and Futures ETFs.
It should be noted that the same thing is happening in the US, but the process is much more advanced. I have even been able to learn, unofficially, that basically the ETF application that Black Rock made a few months ago is already practically approved.
We can only wait to see if the approval is granted
I will insist in saying that if this happens, I will push the price of most cryptocurrencies upwards, especially starting with BTC and all the major coins, but that obviously, projects like Steemit, which unfortunately does not figure in the top 100, will be highly benefited.
In particular, I follow very closely the news of countries and important financial institutions, because it is clear that what these institutions determine sets the pace of what is happening both at the level of traditional finance and the crypto environment, which is much younger in terms of existence.
There can also be a price drop if the opposite happens
The big problem I see with these high approval expectations is that if it doesn't happen, it could negatively affect crypto prices in general. But I doubt it, because with the participation of that Asian giant, I don't think the US is going to want to stay in this aspect, since they know well that everything that involves capital management by fund management companies from their country has a positive impact on the same country, by paying taxes, generating jobs, among other things.
Conclusion
One can notice a growing interest from the world's states in trying to channel cryptocurrency investments through fund managers that are regulated, this in a way is positive because it allows large investors to enter the crypto environment in a way that is safer for them.
But large capital investments bring stability to the markets, plus they allow prices to rise which will directly help all of us who are here and have crypto investments to benefit.
Were you aware that Asian countries are also working on this path of attracting institutional investors to the crypto environment?
New ETF in progress?
https://x.com/josevas217/status/1738629562945184085?s=20
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This is an interesting post you have shared on cryptocurrency trends.
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