Bitcoin ETFs Arrive in China, Specifically in Hong Kong. Reuters reports they could be introduced as early as next week.

Bitcoin ETF Made in China
Several Chinese investment funds are in the running through their Hong Kong subsidiaries. The approval of their Bitcoin ETFs could happen much sooner than expected.
As a reminder, Bitcoin has been at a standstill for over two years in China. Owning it is not illegal, but exchanges were banned in 2021. Thus, acquiring it in a few clicks is not possible.

However, Chainalysis estimates that the equivalent of 86 billion dollars was traded between July 2022 and June 2023. It was 64 billion in Hong Kong. Bitcoin continues to circulate underground, in P2P transactions.
Bitcoin miners were also banned in 2021. They now represent only 15% of the global hash rate, down from 60% before the “ban”. Yet still, many individuals continue to mine despite prohibitive electricity costs.

As we wrote in our article Bitcoin Halving – Deathblow for Chinese Miners:
“Why mine at a loss? It’s simple: to move money out of China, or to convert yuan into dollars. They convert the Chinese yuan into ASICs and electricity, which generates BTC that can then be converted into dollars.”

Indeed, Bitcoin is an escape route from the strict capital controls of the Chinese authorities.

But as often, Hong Kong serves as a safety valve. For instance, Reuters reported in January that crypto-currency exchange shops can be easily found in its shopping streets:
“At Crypto HK, a popular store located in the Admiralty district, customers can buy bitcoin with a minimum of 500 Hong Kong dollars ($64) without having to provide their ID card.”

ETFs As Early As Next Week?
According to Reuters, the daily volumes traded in the streets of Hong Kong reach several million yuan, and sometimes tens of millions.

In short, the attraction for Bitcoin is far from fading. Hence the arrival of big Chinese investment funds now that BlackRock has taken the plunge. The first approvals “are likely to be announced next week,” reports Reuters.
At least four asset managers from mainland China and Hong Kong are in the game. China Asset Management, Harvest Fund Management, and Bosera Asset Management are among the candidates. These funds each manage assets equivalent to several hundred billion dollars.

The arrival of Chinese ETFs is a good omen when we see Bitcoin’s 60% rise since the launch of their American counterparts. It remains to be seen if the volumes will be as high as those of BlackRock and Fidelity. As we highlighted previously:
“The total Hong Kong ETFs weigh in at 450 billion dollars, versus 6.4 trillion in the United States…”

But who knows, with the Shanghai stock exchange stagnating for years, perhaps the demand will surprise us. Follow me on these social platforms YouTube, Instagram, Twitter, and Facebook. 

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Ripple CEO reveals XRPL roadmap
In the rapidly evolving cryptocurrency landscape, Ripple CEO Brad Garlinghouse made waves at Paris Blockchain Week, where he shared exciting updates about Ripple’s plans for the XRP Ledger. One highlight was the announcement of an upcoming USD stablecoin, set to launch later this year. This stablecoin pegged 1:1 to the USD, will be available on both the XRP Ledger and Ethereum platforms, as reported by Today's News on April 4, 2024.
What Ripple CEO says at Paris Blockchain Week?
The event, attended by key figures in the cryptocurrency community, provided a platform for Ripple to showcase its achievements and discuss its future goals.

Garlinghouse highlighted the importance of growing the XRP Ledger community and highlighted the platform’s steady technological advancements. Garlinghouse stated:
“It’s great to be back at Paris Blockchain Week – I joined XRPL CEO David Bchiri on stage to discuss why Ripple is planning to launch a USD stablecoin later this year, growing the XRPL community, and crypto regulation (of course!).”

The introduction of a stablecoin to the XRP Ledger is expected to open up new opportunities in decentralized finance (DeFi) by increasing liquidity and use cases. Ripple sees this move not only as an innovative step but also as a contribution to the broader XRPL ecosystem, paving the way for a more diverse crypto landscape.

In addition to the stablecoin announcement, it was revealed that the XRP Ledger has surpassed five million accounts, indicating growing adoption of the platform. This milestone highlights the increasing interest and participation in the XRP Ledger ecosystem.

Additionally, Ripple’s presence at the fifth edition of one of Paris’s largest Blockchain events showcased its commitment to driving innovation and growth within the cryptocurrency landscape, while also expanding the possibilities for developers and users alike.

XRP price-performance analysis
However, following the completion of this event, Ripple’s XRP price doesn’t seem impacted and currently is trading near $0.59, experiencing nearly 6% downside momentum in the last 24 hours. If we look at the performance of XRP over a longer period, in the last 7 days it experienced nearly 3% upside momentum. Whereas, in the last 30 days, its price experienced 2.5% downside momentum. follow me these social platforms are YouTube, Instagram, Twitter, and Facebook. I daily update you with services. 
#bitcoinhalving #WIF #BullorBear #Write2Earn