April 27, 2024 Grandpa checks in
Hong Kong has approved ETFs. According to official news, China Asset Management announced that its Bitcoin ETF and Ethereum ETF have been approved by the Hong Kong Securities and Futures Commission. They are scheduled to be issued on April 29 and listed on the Hong Kong trading platform on April 30. This is the first time that such products have been launched in the Asian market after the Bitcoin ETF was launched in the United States. From the perspective of Hong Kong, it is hoped that this will open up Hong Kong investors' interest in investing in crypto assets. The response to Bitcoin ETF in the US securities market is still very strong. Hong Kong has also added Ethereum in this move, which is quite bold.
At the beginning of this year, the Hong Kong concept performed well in the entire crypto sector. I also said at the time that it was likely to be short-lived. It was a wise move to withdraw when the bubble was huge. The key lies in the follow-up efforts. Facts have proved that this is indeed the case. Even the subsequent launch of the crypto trading platform allowed by Hong Kong supervision has failed to stimulate the enthusiasm of Hong Kong investors. As for why the exchange has not become the choice of investors, there are many reasons. The most important one is that there are better trading platforms, and there is no special benefit for users to migrate there. The approval of ETFs still has certain advantages, and there is hope to drive the entry of crypto investment funds. Of course, the specific performance remains to be seen.
As for the market, the rebound has been blocked in the past two days. Bitcoin has retreated slightly and led to a sharp retreat of the altcoins, which means that the entire repair period will take longer. At present, my strategy is to make some small-scale swings within the range, especially when Bitcoin falls to the support level, you can boldly add it back, and the overall position can be slowly increased in the entire range. However, it is still necessary to remind you that since this wave of bull market, the market value of many altcoins has not been low, especially some new coins. Everyone should be cautious when choosing. I personally don’t have any positions in these new coins, because in the long run, inflation will drive prices down.
The support of Bitcoin is 60,000. In fact, it is not easy to fall to this support. After all, there will be funds to take over when it is close. In addition, during the last wave of plunge, the altcoins had difficulty falling in the subsequent period, which means that someone is taking over the altcoins. Therefore, if Bitcoin does not fall below this level, I think we can take some altcoins and try to make a mid- to long-term investment. Of course, if Bitcoin falls below 60,000, we have to look at it differently. At present, the probability of falling below this level is relatively small, at least in the short term. If there are changes, we will respond accordingly.
Thank you for your attention and likes.
