Bitcoin Price Forecast
While #bitcoin hovered at US$61,368 after falling 2.60%, market watchers are closely watching the impact of a new US$1 billion liquidity fund for #cryptocurrency ETFs in Hong Kong. The fund is designed to stabilize and possibly revive the Asian bull market and influence bitcoin price forecasts across Asia.
Market maker Wintermute is partnering with OSL and HashKey to boost liquidity for the new Hong Kong bitcoin and #CryptoWatchMay2024 ETFs. The strategic move is aimed at expanding Wintermute's influence in the Asian cryptocurrency market. According to Wintermute CEO Eugene Gaivoy, by providing liquidity, Wintermute helps institutional and retail investors enter the cryptocurrency market through Facilitation.
As a recognized leader in #cryptocurrencies in the Asia-Pacific region, Hong Kong aims to set a precedent that can inspire other countries to introduce similar innovations in the cryptocurrency market.
In addition, three venture capital firms - LD Capital, Antalpha Ventures and Highblock - have launched a HK$1 billion (US$128 million) fund to provide liquidity to these ETFs. The fund aims to reduce price volatility and increase overall market stability by providing uninterrupted trading activity.
The main participants in the fund are the following companies
LD Capital: a blockchain investment specialist.
Antalpha Ventures: deep understanding of the industry.
Highblock: specializes in quantum trading of digital assets.
The initiative coincides with the launch of Tiger Broke digital asset trading for professional investors in Hong Kong, a key week in the development of financial technology in the region.
On the resistance side, bitcoin is facing several barriers. The immediate resistance is at $64,564, followed by $ 67,084 and $ 69,356.
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