Bitcoin Soars! Hong Kong Cryptocurrency Stocks and Related ETFs Celebrate

Bitcoin Soars! Hong Kong Cryptocurrency Stocks and Related ETFs CelebrateFueled by the significant surge in Bitcoin prices, Hong Kong cryptocurrency-related stocks and ETFs have witnessed a notable upswing. As of press time, OKEx Technology Group (01499

Bitcoin Soars! Hong Kong Cryptocurrency Stocks and Related ETFs Celebrate

Fueled by the significant surge in Bitcoin prices, Hong Kong cryptocurrency-related stocks and ETFs have witnessed a notable upswing. As of press time, OKEx Technology Group (01499.HK), OSL Group (00863.HK), and Bitget Holdings (01611.HK) have surged by 20%, 15.32%, and 6.15%, respectively. Concurrently, the performance of cryptocurrency stocks has also boosted related ETFs. As of press time, CSOP Ether (03179.HK), CSOP Bitcoin (03439.HK), and Bosera Bitcoin (03008.HK) have risen by 4.27%, 4.17%, and 4.07%, respectively.

On the news front, Bitcoin prices have exhibited strong upward momentum today, reaching a high of $74,160.50 during the trading session. As of press time, Bitcoin has gained 2.04% to $71,045. Wall Street analysts anticipate that a Trump victory could propel Bitcoin past $75,000 on election day, potentially reaching $125,000 by year-end if Republicans control Congress. Even with a Democratic victory led by Harris, Bitcoin might still hit a record-breaking $75,000 by year-end, albeit with a temporary dip.

Besides Bitcoins strong performance, the Hong Kong Stock Exchanges scheduled launch of its Hong Kong Exchanges and Clearing Virtual Asset Indices Series on November 15, 2024, has injected further positivity into the cryptocurrency market. This index series intends to provide benchmark prices for the nascent asset class, solidifying Hong Kongs position as Asias digital asset hub. The series will encompass benchmark indices and rates for Bitcoin and Ethereum. These indices are based on the 24-hour volume-weighted spot prices of Bitcoin or Ethereum, calculated by aggregating market prices from multiple major virtual asset exchanges, expressed in USD in real-time. Rates, tailored for financial product settlement, update at 4 PM daily.

Hong Kongs Financial Secretary, Paul Chan Mo-po, revealed that since the issuance of the digital asset policy declaration two years ago, Hong Kong has achieved significant progress in the digital asset domain. This includes the introduction of regulatory requirements for virtual asset trading platforms, with three operators having secured licenses so far. More licenses are expected by year-end, alongside plans for related legislation. Furthermore, the Hong Kong Securities and Futures Commission is establishing a virtual asset trading platform advisory group, slated for launch in early 2025. The group will comprise representatives from licensed institutions, ensuring the commission takes their feedback into account when formulating policies.

Overall, the rise in Bitcoin prices, coupled with Hong Kongs proactive policies in the digital asset space, has provided robust support for Hong Kong cryptocurrency stocks and related ETFs. In the future, as Hong Kongs digital asset ecosystem matures and the cryptocurrency market continues to evolve, Hong Kong cryptocurrency stocks and related ETFs are poised to experience greater growth potential.