Forbes Senior Contributor Billy Bambrough suggests that a sudden revelation from the Chinese market could be on the verge of propelling the price of XRP.
Bambrough expressed this sentiment in a recent publication highlighting the recent market recovery from the recent dip. He noted that the crypto market, spearheaded by Bitcoin, has rebounded after last Saturday’s landslide collapse fueled by concerns over the potential escalation of the Middle East conflict.
For instance, XRP bottomed at $0.4336 over the weekend but has rallied to $0.5191 since then. Similarly, Bitcoin has surged to $66,878 after dipping to $60,919.11 on Saturday.
According to Bambrough, the emergence of Wall Street Bitcoin spot exchange-traded funds (ETFs) significantly boosted Bitcoin, XRP, and the broader crypto market.
Now, he sees a similar boost for XRP and other cryptocurrencies re-emerging with new developments from the Chinese market.
XRP Set for Price Blow-Up
Bambrough observed that several financial institutions in Hong Kong have leaked information suggesting that the Securities and Futures Commission (SFC) has endorsed their Bitcoin and Ethereum spot ETF applications.
Specifically, Forbes highlighted that China Asset Management, Harvest Global, and Bosera Capital declared they had received approval to list spot Bitcoin and Ethereum ETFs in Hong Kong.
However, Bambrough pointed out the absence of an official announcement from the SFC. Moreover, he noted that the social media posts from these financial giants on the approval have been deleted.
In an email comment, industry pundit Michael Silberberg highlighted Hong Kong’s ambition as a financial hub. He noted Hong Kong is allowing spot crypto ETFs just a year after regulatory clarity for crypto exchanges.
Silberberg predicts the move will inspire global regulatory frameworks and attract capital inflows from Asia and institutional investors. “The move also paves the way for increased liquidity, better price discovery, and enhanced market stability,” Silberberg submitted.
Furthermore, the Forbes senior contributor observed that the leaks had sparked anticipation of rivalry between the U.S. and Hong Kong for inflows into their ETFs. Alistair Milne, the CIO of Altana Digital Currency Fund, recently expressed this sentiment, noting:
“It is now a fight for capital between Hong Kong and New York to flow into their bitcoin ETFs.”
It is now a fight for capital between Hong Kong and New York to flow into their Bitcoin ETFs
Game theory at work!
Love to see it
— Alistair Milne (@alistairmilne) April 15, 2024
Singapore-based crypto services provider Matrixport projected that the Hong Kong spot Bitcoin and Ethereum ETFs could attract $25 billion in demand from mainland China. However, information suggests investors from China could be banned from investing in the products. Notably, U.S. Bitcoin spot ETFs have seen over $12 billion in net inflows since inception.
With Hong Kong looking to gulp similar figures, Bitcoin’s price could see a massive upswing especially following the recent halving event. As a result, the market impact of this development could propel XRP’s price to greater heights.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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