Bitcoin recovers and returns above US$66,000 after a sharp drop over the weekend

The cryptocurrency market experienced a sharp drop recently amid geopolitical tensions in the Middle East on Saturday night (13). The largest cryptocurrency on the market, Bitcoin (BTC), experienced a sharp drop, reaching a price of US$60,800. On Friday, April 12, the price of BTC was in the $70,000 zone.

However, following a reduction in tension between the countries and the approval of spot Bitcoin and Ethereum exchange-traded funds (ETFs) in Hong Kong on April 15, Bitcoin managed a notable recovery, propelling its price above the U.S. $66,000.

At the time of publication, the price of Bitcoin was quoted at US$66,088.09, up 2.8% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$44,306,997,104. In the last seven days, BTC has fallen by 8.6%.

It is worth remembering that the recent conflict between Iran and Israel generated more than geopolitical tensions. The impact extended to the cryptocurrency market, which saw a sharp slowdown. Bitcoin, the undisputed giant of the sector, fell 8% on Saturday, representing the biggest drop since March 2023.

Hong Kong Approves Bitcoin and Ethereum ETFs

The Hong Kong Securities and Futures Commission (SFC) has just marked a new chapter for the cryptocurrency market in Asia. In a recent decision, the authority approved the launch of several exchange-traded funds (ETFs) focused on Bitcoin and Ethereum. This movement is seen as a major advance for the cryptoactive sector in the region, promoting a safer and more regulated integration of these assets into the financial market.

Among those benefiting from the new policy are renowned asset managers such as China Asset Management, Bosera Capital and HashKey Capital Limited. These companies received the green light to operate their spot ETFs, a modality that allows investors to trade fund shares directly with cryptocurrencies. Additionally, Harvest Global Investments has also received in-principle approval to operate its own spot ETFs.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.