Bitcoin, Ether prices drop amid lackluster debut of Hong Kong ETFs
economictimes.indiatimes.com
Bitcoin, the largest cryptocurrency by market value, fell 1.75% to $61,222, while the second-largest digital token, Ethereum, slipped 5.2% to $2,998.
In their Hong Kong debut on Tuesday, six spot Bitcoin and Ether exchange-traded funds (ETFs) delivered mixed performances amid relatively tepid trading, reflecting the city's assessment of Asian investors' interest in cryptocurrency assets.
These debuts mark the first launch of spot cryptocurrency ETFs in Asia, coming just three months after the US introduced its first ETFs to track spot bitcoin.
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View Details»Spot Bitcoin ETFs launched by China AMC — Harvest and Bosera — had gained roughly 2.6% by the mid-day break. However, the three ether ETFs managed by the asset managers remained largely flat.
Total turnover for the six ETFs on their first day amounted to about $112 million, significantly lower than the $4.6 billion recorded on the first day of U.S. trading.
Other cryptocurrencies also experienced declines, with BNB, XRP, Shiba Inu, Solana, Dogecoin, Cardano, and Avalanche
