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Bitcoin Rises as Crypto Market Anticipates Hong Kong ETF Decision

After a rocky weekend with Iran and Israel tensions, Bitcoin (BTC) is back above $65,000. The U.S. calmed things down by stopping Israel from attacking Iran, easing worries about more conflict.

The market got shaky because Iran launched drones and missiles at Israel, but Israel stopped most of them with their defense systems. Bitcoin (BTC) briefly fell below $62,000 because of all the uncertainty, but it bounced back as things calmed down.

Bitcoin price surge graph during geopolitical tensions and prior to Hong Kong ETF decision.
Source: Coinbackyard

Reports from Al-Jazeera say the U.S. won’t back Israel if they attack Iran, making people less worried about a big war. Traders on platforms like Polymarket changed their guesses too; they think it’s much less likely now that Israel will attack Iran.

When tensions were high, traders turned to safe assets like PAXG, a digital version of gold. It became 20% more expensive than regular gold. This rush to safety was made worse by lots of people selling digital assets because of U.S. taxes and the upcoming halving event.

Arthur Hayes talked about how all these things together were making people sell more. He said the halving event and less available dollars were big reasons.

Now, traders are excitedly waiting to see if Bitcoin and Ether ETFs will be approved in Hong Kong. If they are, it’ll be easier for people in China to invest in digital assets. Estimates say these ETFs could bring in $25 billion in demand. This would make people even more positive about the market, especially with all the geopolitical stuff going on.

April 15, 2024 at 09:25 am

Updated April 15, 2024 at 09:25 am

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