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Hong Kong Set to Approve First Bitcoin and Ethereum ETFs

Hong Kong Set to Approve First Bitcoin and Ethereum ETFs

Hong Kong regulators are reportedly on the brink of approving the first Bitcoin and Ethereum exchange-traded funds (ETFs) in Asia, with an announcement expected by April 15. This pioneering move could position Hong Kong as the inaugural Asian market with operational Bitcoin and Ethereum ETFs. Sources close to Bloomberg suggest that an international branch of China’s Harvest Fund Management Co.,...

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    Bitcoin Slumps as March US CPI Data Surpasses Expectations

    Bitcoin Slumps as March US CPI Data Surpasses Expectations

    Bitcoin prices tumbled following the release of the U.S. Consumer Price Index (CPI) data for March, which revealed a hotter-than-expected inflation rate of 3.5%. This figure exceeded the forecasts of 3.4% and outpaced the previous month’s rate of 3.2%, signaling persistent inflationary pressures in the economy. The data, issued by the U.S. Bureau of Labor Statistics, has injected fresh uncertainty...

    China Fund Eyes Q2 for Launch of Hong Kong’s First Spot Bitcoin ETF

    China Fund Eyes Q2 for Launch of Hong Kong’s First Spot Bitcoin ETF

    In a bold stride towards embracing cryptocurrency, the Hong Kong subsidiaries of leading fund companies, including Southern Fund and Harvest Fund, are spearheading the development of Bitcoin exchange-traded funds (ETFs). A recent report highlights the submission of a spot Bitcoin ETF application to the Hong Kong Securities Regulatory Commission by Harvest Fund, marking a significant move towards tapping into the...

    Bitcoin Surges 2% Amid Anticipation of Interest Rate Cuts

    Bitcoin Surges 2% Amid Anticipation of Interest Rate Cuts

    In a remarkable rebound, Bitcoin’s value soared to $67,510 on April 4th, marking a 2% increase following positive remarks from the US Federal Reserve about potential interest rate easing. This uptick aligns with the optimistic opening of Wall Street, contrasting with a dip in gold prices after they crossed the $2,300 threshold. Jerome Powell, the Federal Reserve Chair, hinted at...

    Tether Boosts Bitcoin Holdings with $618 Million Purchase

    Tether Boosts Bitcoin Holdings with $618 Million Purchase

    Tether, the entity behind the widely-used USDT stablecoin, has significantly increased its Bitcoin investment, purchasing 8,888 BTC valued at $618 million on March 31. This strategic acquisition escalates Tether’s Bitcoin reserves to more than 75,000 BTC, equivalent to around $5.2 billion, positioning Tether as the seventh largest Bitcoin holder globally. This move underscores Tether’s commitment to diversifying the assets backing...

    Robert Kiyosaki Recommends Shifting from Dollars to Bitcoin Amid Financial Concerns

    Robert Kiyosaki Recommends Shifting from Dollars to Bitcoin Amid Financial Concerns

    Renowned “Rich Dad Poor Dad” author and prominent Bitcoin advocate, Robert Kiyosaki, has recently advised traders to abandon the US dollar in favor of Bitcoin, gold, and silver. Highlighting concerns over the stability of traditional paper assets, Kiyosaki expressed his skepticism towards financial instruments susceptible to inflation through printing. This guidance comes amidst growing worries about the financial well-being of...

    Bitcoin Mining Firm Stronghold Digital Mining Faces Environmental Lawsuit

    Bitcoin Mining Firm Stronghold Digital Mining Faces Environmental Lawsuit

    In Pennsylvania, Save Carbon County, a community group, has filed a lawsuit against the Bitcoin mining company, Stronghold Digital Mining. The lawsuit alleges that Stronghold contributes to environmental pollution by utilizing old coal refuse and tires as energy sources for its mining operations. Accusations include the release of mercury and the pollution of waterways, prompting calls for compensation for victims,...

    UAE Central Bank Initiates Digital Dirham Strategy

    UAE Central Bank Initiates Digital Dirham Strategy

    The Central Bank of the United Arab Emirates (CBUAE) has officially begun the first phase of its central bank digital currency (CBDC) strategy, aiming to integrate a digital dirham into both retail and wholesale markets. This ambitious move is part of the broader Financial Infrastructure Transformation Programme, which seeks to bolster the efficiency of payment systems and foster financial inclusion...

    CommEX, Binance’s Former Russian Branch, Announces Closure

    CommEX, Binance’s Former Russian Branch, Announces Closure

    CommEX, the cryptocurrency exchange that acquired Binance’s operations in Russia last year, has announced its decision to shut down its website by May 10. This announcement was made through a blog post on Monday, where the exchange outlined its phased closure process. Effective immediately, CommEX has stopped registering new users and has ceased asset transfers from the Binance platform. Additionally,...

    Bitlux Integrates Cryptocurrency for One-Third of Private Jet Bookings

    Bitlux Integrates Cryptocurrency for One-Third of Private Jet Bookings

    Bitlux, a leading private aviation company based in Boca Raton, Florida, has disclosed an industry-leading trend: the use of cryptocurrencies for approximately one-third of its flight bookings. This adoption reflects a significant move towards digital payment methods in the luxury travel sector. Since the beginning of 2021, Bitlux has completed almost 1,000 occupied flights and over 1,700 takeoffs and landings,...

    SEC Subpoenas Stir Concerns for Ethereum’s Future and ETF Prospects

    SEC Subpoenas Stir Concerns for Ethereum’s Future and ETF Prospects

    Recent developments have cast a shadow over the cryptocurrency industry, with the United States Securities and Exchange Commission (SEC) issuing multiple subpoenas to parties connected to the Ethereum Foundation. This action, reported by Fortune on March 20, 2024, has ignited fears that Ether, Ethereum’s native cryptocurrency, might be reclassified as a security—a move that could significantly affect the approval process...

    Historic Outflows from Bitcoin ETFs Amid Price Downturn

    Historic Outflows from Bitcoin ETFs Amid Price Downturn

    On March 19, 2024, United States-based Bitcoin exchange-traded funds (ETFs) recorded their most significant outflow to date, as Bitcoin’s value plummeted, briefly touching $62,000. This mass withdrawal amounted to $326 million across ten funds, underscoring the escalating investor concern amidst the cryptocurrency’s price volatility. Grayscale’s Bitcoin Trust (GBTC), the largest of these ETFs, saw a staggering $443.5 million exit in...

    Security Breach at Binance-Incubated NFPrompt Causes Token Value to Drop

    Security Breach at Binance-Incubated NFPrompt Causes Token Value to Drop

    NFPrompt, an AI-driven platform for art and NFT trading, backed by Binance, has experienced a significant security breach, resulting in a notable downturn in its associated token’s value. The FBI is currently investigating the incident, which involved unauthorized access to the NFPrompt treasury, user accounts, and administrator wallets. Following the attack, the NFPrompt team took swift action to secure its...

    Nigeria Requests User Data from Binance Amid Ongoing Regulatory Dispute

    Nigeria Requests User Data from Binance Amid Ongoing Regulatory Dispute

    In a move that escalates the ongoing conflict between the Nigerian government and cryptocurrency exchange Binance, officials have demanded detailed transaction records for the country’s top 100 users over the last six months. This request, which also seeks information on Binance’s compliance with tax obligations, signifies an intensification in the scrutiny faced by the global crypto exchange within the African...