The broader digital currency ecosystem is in a recovery mode led by Bitcoin (BTC). The digital currency is up 1.43% in the past 24 hours to $63,255.35. This marks Bitcoin’s first sustained uptick in the past week.
Hong Kong Crypto ETF Triggers Bitcoin Boost
After weeks of anticipation, Bitcoin and Ethereum spot Exchange Traded Funds (ETF) are now open for trading in Hong Kong. This marks a pivotal moment for the two top coins as a new class of investors in the Asian block can now embrace the asset.
According to reports, the combined half-day trading volume of Bitcoin and Ethereum spot ETFs in the region has topped $6.3 million. While this figure pales in comparison to that of the United States Bitcoin ETF, it marks a traction worth tracking. It also sets another precedent for the anticipated Australian spot Bitcoin ETF later this year.
The bullish sentiment surrounding the new product launches has forced Bitcoin bulls to act. For the digital currency that has dropped 4.57% over the past week, this rebound hints at a potential trend reversal. The coin’s trading volume has also jumped 21.38% to $25.1 billion, proving a revived sentiment in the market.
Top Altcoin Reaction
The crypto ETF debut in Hong Kong has not completely worn off the accrued losses by Ethereum. The cryptocurrency is currently down by 0.84% in 24 hours to $3,156.85. However, Ethereum comes off as the bearish outlier considering other altcoins like XRP, and Binance Coin (BNB) are soaring.
Recovery in the broader market is not instant. Some altcoins like Shiba Inu (SHIB) generally have high volatility, in part stirred by whale transaction counts. While different altcoins have unique fundamentals driving their growth, the Bitcoin resurgence, if sustained, might eventually fuel a market-wide rally.
At the moment, the combined crypto market cap is up 1.14% in 24 hours to $2.34 trillion per data from CoinMarketCap.
