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I just saw this news recently and this is the cause why we see some recovery from where Bitcoin has been this weekend. Alongside this Bitcoin ETF approval, ETH ETF was also approved by the Hong Kong regulators.


PS: I'm not sure if this is the right place for this thread so since it includes ETH, mods kindly move where it's appropriate. Thanks!

Including altcoins does not mean anything, the news is also about bitcoin ETF and it can stays in bitcoin discussion or it can be moved to legal.

It is good to read this kind of new. I hope that more countries will follow this and approve bitcoin ETF.

But it is good to know that bitcoin ETFs are not bitcoin but a token pegged to bitcoin spot price.

This is one of those news that could increase the motivations of most bitcoin holders, most especially those that have witnessed the last weekend market bloodbath, I believe this news will trigger a more positive market outlooks and increase investors appetite to keep the price up before the bitcoin halving event which is around the corner, Hong Kong ETF approval is one big News for the market following the first January ETF approval that triggered the recent multiple all-time highs.

Not only on bitcoin but also they approve ETH ETF https://www.businesstimes.com.sg/companies-markets/hong-kong-approves-first-bitcoin-ether-spot-etfs which is really good to introduce bitcoin and ethereum as an asset that good to trade.

Maybe this could not give much effect since the hype of ETF is I think done already with its last approval and it didn't give much effect but rather the market collapsed at that time which nobody expect to happen. But let see if there's some changes with this good news happened since we need hype to boost up the effect of halving so we could provably see more better figures for this year.

Looks like if it stays here then you're right that it's fine since it's still all about Bitcoin as the highlight of the news is on it. We probably will hear more of the same news for this bull run.

We've seen the reaction of the market and that's quick. So, with more news that are like this then we're likely to see a continuous price increase but it won't be as easy as how I describe it. But I am moving forward to the halving effect instead of these bitcoin etf news.

Yes and I've included that into the OP.

It had an impact and from the weekend, the lowest was $62k. After having this news, it had increased to $66k so there's the impact but compared to the past approved ones, it's not that a lot.

This will probably be good for the price of BTC if the interest in this kind of investing in BTC is approximately the same as in the US - although it is possible that this ETF will be as successful as some others in other parts of the world where investors have not shown much interest in such a way of investing.

What is bad is that China is somehow getting back into the game, and considering its attitudes towards everything that is decentralized, the only question is when it will start attacking Bitcoin again. No matter how you turn it, Bitcoin and communism cannot co-exist together, so in the long term I see only problems in these decisions, of course only if these ETFs are successful in attracting investors.

Do not think too far away. Even though communism can achieve eventually, it must in the long future. Maybe in that time, bitcoin is out-of date. What's more,if communism achieves,the products and wealth in the society will be sufficient and poverty will never exist, shall we need investment to gain more money?

If they really want to attack bitcoin again then I don't think any ETFs will be approved because I believe that even though these decisions come from Hong Kong, it is China who makes the decisions behind that.
The Chinese government has repeatedly expressed that it does not want to be friendly to bitcoin and cryptocurrencies, but we cannot deny that the cryptocurrency market in China is very large and strong. I think they will not want to become outdated and slow compared to the US, so it is understandable that they return to bitcoin and crypto.

Approval in Hong Kong doesn't mean future countrywide approval in China (because Hong Kong is a special administrative region), but it's still good news. It just shows that Bitcoin is becoming more reputable as an investment, and perhaps we'll see some other places follow suit.

I think that what happens in Hong Kong, stays in Hong Kong and doesn't impact mainland China. In most of China, the country's keeping its citizens on a short leash, with a lot of restrictions and surveillance. That, I agree, is incompatible with Bitcoin. But Hong Kong is a different story altogether, a region that has historically been separate and enjoyed a lot more freedom even while being a part of China. It gives an illusion of choice, as if Chinese citizens have some options, while generally keeping things centralized.

At least we have good news amid global unrest, high transaction fees and a drop in Bitcoin price. Hong Kong is ranked 43rd on the list of major economies of the world. And it's stock market is ranked 4th in Asia and the 7th biggest globally. Other smaller nations around the sub-region might consider taking the same move.

With the approval in Hong Kong, there are possibilities that Bitcoin might become friendly in China in future. My assumption is based on the fact that China has a lot of control over Hong Kong and allowing them to approve ETF might be an indication that they might change their unfriendly stance in the future. China might be using Hong Kong as a testing ground for Bitcoin adoption.

Can this actually triggers for more adoption on bitcoin as a legal tender or we should only take this as something that is more of being beneficial to the organizations and all other third party investors than we already stand to gain in bitcoin adoption, we should be able to tell that bitcoin ETF has only affect the adoption of the use case for bitcoin and the market price positively, but there is still more to expect in seeing many countries making it as a legal tender.


That's true.

I believe the price will rise gradually, like what happened with US etf

I think asking that bitcoin be made a legal tender in different countries is overly big to be requested. I don't think it's what the community wants. Just allow bitcoin be and also fiat be. Then this ETF approval and other related approvals are much good to globalize the adoption. I don't think that bitcoin wearing the legal tender status will perform better. Take the El Salvador case for instance.

Might also not happen because the wave and the news isn't as big as the US ETF. If not for this thread, I wouldn't be aware.

Nope, the impact cannot be as big as that of the U.S, take a look at the billions of $ in inflows since the spot etf was approved earlier this year, this is what has influenced the price of BTC and the reason why it pumped as high as it did. This etf approval in Hong Kong would not be as big as that, it was not even eagerly anticipated because i didn't hear anything about it until today, this approval can have a small impact, but it would not be anything significant.

No, it is not. It should be about Bitcoin only.

—Max.
BTC>

Indeed. The approval indicates Bitcoin and Ethereum are trustable digital assets. However, it doesn't mean to have lower risks, they are still high risk assets. So, everyone never forgets that Bitcoin and Ethereum still have the same nature. Whether they are good or not for us, it depends on the way to invest or trade them.

The good news about Bitcoin or Ethereum ETF will always bring good impact in crypto market. Although it won't suddenly push the prices of Bitcoin and altcoins rising high, but it should bring positive impacts in the market sooner or later. The hype of ETH will never end, it is not like the hype on meme coins. ETF is about the future of crypto coins, it is not for a temporary matter.

Its interesting and kind of annoying that possibly China through HK may be getting
back into Bitcoin. Wouldnt HK needed to get "clearance" from China to approve these
ETF's eventhough HK is seen as more independent?


I think this ETF approval in HK will mean a "back door" for Chinese investors to get into a
Bitcoin ETF and China is the largest financial market after the US. If the Chinese can tap
into the HK ETF's it could mean big buying for Bitcoin.

Interesting that ETH gets a spot ETF approval as well.

I think it is the right place, as if ETH added then BTC has also been discussed here, and I am here mainly for BTC so this topic deserves a place here.

That's good news, it will bring more investors and more funds into the BTC M.cap directly or indirectly. Now I am waiting for China to do something about it, as the USA is imposing tax, and the IMF asked our country to impose tax as well, so I assume China will also make some positive move now if they really make some positive move, then we are seeing BTC crossing $150k easily.

Besides I don't think this news it the main reason behind BTC recovery, as this news has been out since afternoon (on my side) as I saw the news when it was out like within minutes, and the market had already recovered from the dip (ATL) so I assume this is not the main reason but it would have helped BTC to recover more than expected. But still I am expecting a correction to $64k But let's hope for good. Which it already did.

Since I saw this thread, I have hard the option to search out more and to also analysed the impact of the Hong Kong ETF approval on the price of bitcoin, because despite the news, the market still remains at it down trend movement still because at the moment, bitcoin is below 65k dollar, somewhere around between 62k-$63k respectfully.

This doesn't show any sign of positivity of the approval on the market outlooks, and that call for concerns.

Crypto is not well-accepted in mainland china (read: banned) so it is nice to see that other countries are taking the step forward to accepting crypto specifically bitcoin.

This is definitely good news for crypto enthusiasts in hongkong and bitcoin investors because this means the price of bitcoin will continue to rise as more buyers are getting access to bitcoin.

It's amazing how one could start that kind of revolution in which  ETFs are being approved now everywhere. This is kind of advanced that ETH is also approved already because IIRC, it's not yet approved in the US SEC right?

I do hope this sparks more interest and has that increase that we want in volume.

Well seeing the market right now I don't think it has had that much of a positive impact, granted we did see the last ETF only affecting the market months after. Still, I don't think it's going to have that big of an effect as compared to the first one, just the matter that it's not the first can be enough of a factor imo. It also doesn't help that I don't think this had any publicity to most people? At the very least, this is the first time I've heard of its plans.

Might still help with its gradual growth though in the long run.

I will also say it is a good news. Bitcoin dropped below $60000 as the tension between Isreal and Iran increases when Iran sent over 3000 missiles and attacking drones to Israel, but I read that bitcoin price started to increase immediately after the news of bitcoin ETF approval in Hong Kong. Yes it is a good news.

If China crackdown is coming again, but which is actually not a crackdown as bitcoin price continue to increase after short decrease of price, let us expect it to be during bull run. Bitcoin price may fall in short time but later increase and get to all-time-high as it happened in 2021. But bitcoin can still be legally owned in China as of today.

Great.

Time to get drunk again? Guys?

Check all the red. I have put a "pot" under it.

BTW. Seems like I am finding a way to set the price via positions. Cheers. 4.6%..

There is nothing more vague in the crypto industry than China's crypto ban, so many times mainland China has placed one ban or the other on crypto, or crypto services; i don't think it is so clear what people can or can't do with crypto in China, but i know it is not a complete ban. Mining and ico's are banned and crypto is also not allowed as a legal tender in China, but i believe people in China are allowed to buy and store crypto, and they still do. If they want to buy BTC through an etf, then Hong Kong spot etf is an option.
Like most have already said in this topic, do not expect this to be as big as the spot etf approval in the U.S. However, this approval happened around the same time people were spreading fud about BTC due to airstrikes by Iran on Israel, and this has led a lot of weak hands to dump their BTC's.

China has been an anti-crypto for a very long time already and they approved an ETF on HongKong which is basically owned by China. :D Look at the irony.
Well, it seems like this news has no positive effect towards the price of Bitcoin as it tumbles down further the day when this news was launched.

I don't know the reason why they approved it aside from the fact that they see the positive effect of Spot Bitcoin ETF's in US hence, they want to do the same as well. Spot Ethereum ETF is already accepted on HK. A few months from now, it will be the US who will accept it as well. This will have a long term effect towards the price of Bitcoin, and can we expect more countries doing the same as well? Hmmm.

If I remember correctly, when the ETF in the US was approved, bitcoin did not increase in price immediately after and disappointed many people. But after a while, bitcoin grew strongly and even created a new ATH. It can be seen that the market needs time to absorb news and news like this also takes time to positively impact the market. We cannot expect that everything will react immediately.



I think China is more afraid of being backward than the US and they need to adjust things so they don't fall behind in the cryptocurrency race. The 2 largest economies in the world have entered the cryptocurrency revolution, I think other countries will also soon start participating because no one wants to be left behind.

Approval does not mean automatic trading, and it is known that trading will only start in about 2 weeks, so obviously the news in itself does not (so far) have any positive effect on the price.


Do people still think that China needs cryptocurrencies and wants to compete with the US or anyone else in any way? It is true that people who have been exposed to communist ideas for a long time are a bit lost in space and time, but would the communist party be so stupid as to first ban the trading and mining of cryptocurrencies, and now want to get back into the game?

China's economy is so huge that if 100% BTC mining took place in that country and all CEXs were there, all that profit would be just dust in their annual GDP.

Companies need to train their staffs and some companies have their own rules to wait for a while before starting to advertise and sell their products. Even companies want to sell their products immediately, not all investors are ready to buy.

Approvals are good but need time to show effect on price, just like halving will need time like some months to create scarce feeling among investors and positive effect on price.

"Rome wasn't built in a day" and no magical things can help Bitcoin to have positive effect on price too quickly. It can be pumped but to maintain a new high price sustainably, it needs time. Quick pump then quick dump but with Bitcoin, we have long term bullish price growth and only short term and mid term corrections or bear market.

I dare say the news of an ETF approval will normally have had a positive effect on the price before it begins trading officially. Trader sentiments goes a long way in determining how the market acts, if that's positive the charts will follow same line.
Could be that the expectations around ETF has work off a bit, regular traders don't really know how it works or plan to use it, but see the topics everywhere so assume it's useful.

Significant amount of money has already moved into Bitcoin ETFs that were approved previously, subsequent approvals will not have the same effect on price.

I don't think it automatically reflect with the price to instantaneously surge above what it's and maybe, this may only reflects after we might experienced the halving. But wait a bit, how does this looks like?
China acts as an anti-cryptocurrency now the Hong Kong Approving their first Bitcoin ETF (https://www.coindesk.com/policy/2024/04/15/btc-eth-rise-as-hong-kong-bitcoin-etf-applicants-say-theyve-been-approved/). Does it mean China is afraid to come openly to announced it for themselves than Hong kong doing it since both country are more likely the same. I think they realized their mistakes and for banning cryptocurrencies.

I am not worried if China is going to get back to the game of sending the entire market with some news about bans and what not because we've heard that for so long. But this is for sure going to make the new investors worry if ever they see it for the first time the "ban" of Bitcoin on them although we all knew that it's not a new thing anymore. But Hong Kong as a special administrative region of China, they function as an independent region just like any country.

You're right, while Hong Kong is also a haven for many businessmen and investors, this really is a sign that they can no longer ignore Bitcoin. There were news about Singapore having some application as well but they were declined but it will be bigger I guess if it's going to be from them.

Yeah, this is what we get despite all of the current ugly things that we're seeing in this world. Mainly, the high fees for transactions although it is starting to get calm but still, fluctuating and unstable and then there goes another startled war.

It did but, it corrected quickly.

Alright, thanks Max.

China has a different approach although the big mining farms are found there but they seem to be quiet for how many years after the news about ban has appeared once again. And speaking of correction, now we're back to $62k and this seems to be the support and I hope that it really is.

It went to $66k when this news came but in less than 24 hours, we're back in the dip. I'm not going to look at the most recent effect of this, best effect of this is for the long term.

Hong Kong is a SAR of China and it's like an independent country although still under China. But it has its own decision to something like this that they can't meddle so, it's a good news despite they've got connection to China.

Yeah, it's not yet approved on the US and unlikely going to approved IMO but this could be a good hint for it if Hong Kong was able to approve it.

It did had a good impact if it's just a one-day effect but it's not all about that. We shouldn't look at the after-effect of it just after the approval came. There's actually more to that and the impact of it is going to be more beautiful in the long run.

I don't drink though but you can celebrate now if you're able to buy the dips. Cheers.

While Hong Kong is a SAR, I don't think that with this kind of affairs China has a say on it. But let's not look at that quick impact that the news gets. Although I think that I've got an idea on why they've approved it and that's still has something to do with their covid recovery plan about having more investors, investments and make their tourism healthy again. Yes, they're on the sort of recovery and that might still be part of the actual plan before and it's just going into fruition.

Crossing fingers but mainly for Bitcoin, there's more and the best is yet to come.

I believe that they will support Bitcoin exclusively via ETF, which is where the state can continue to control... it will be prohibited to acquire or trade native bitcoin, but they will allow it to be used as an asset purchased legally on stock exchanges, I think in The future will be this way they will do it.

Currently, the related link source I checked publish yesterday on not right moment after war issues between Iran and Israel make bitcoin get crash drastically. I think have difference viewed if Bitcoin ETF approved in Hong Kong before war happening between Iran and Israel with potential bitcoin will raise more higher price, its keep good news for bitcoin after SEC ETF approving now Hongkong allowing to make bitcoin get approval.
I think there are not instant effect with Bitcoin ETF approved in Hongkong such as when SEC approving bitcoin last two months need more longer time for bitcoin get positive impact raising to higher price, seems one or two week later with potential positive effect after Bitcoin ETF approving in Hongkong will make price pump drastically.

Hong Kong is simply hoping to outshine Blackrock by getting on board just in time to ride Bitcoin wave. Just in too Landesbank Baden-Württemberg (LBBW (https://news.bitcoin.com/germanys-largest-federal-lender-lbbw-ventures-into-crypto-custody-targets-mid-2024-launch/)), which is Germany's largest federal bank in my own opinion wants to test the crypto waters as it has been reported that they have a plan to start offering customers crypto custody services and sooner than we think, they will for a spot Bitcoin ETF. When all these happens and other big institutional investors enter the market, I don't know if there still be any bitcoin left for the others who want to but the real bitcoin.

I have heard this news too, but Bitcoin and Ethereum do not seem to be reacting to this news. There weren't any significant movements at all, even though this is big news. I don't see any valid reason why Bitcoin is dipping now after the Israel attack. I think the war is not going to continue with Iran, so the market should become normal again. Besides, Hong Kong ETF approval is big news for the Bitcoin community, but we can't realise any impact. I think it would take sometimes, like US ETF, if it wasn't pumped instantly and started pumping after a few days. 

You are right, China has a different approach and I am trying to understand it so we can also prepare, as they might not be planning to make money in a bull, as they might have plans for the bear market which is also considerable for us and should be. Besides they are not quite as crypto is not illegal it's just not legal there. Which have some differences. As there are no strict rules against crypto users. Chinese are still using them. Actually the most of the volume on Binance came directly from China. I was shocked after hearing this news.

And yeah speaking of correction, actually when I was writing the post, I did not notice the price is already crossed my assumption, I have to edit it quickly after posting the post, I guess I edit it before or maybe after not so sure. But still market is highly unpredictable at the moment, but I doubt it will go below $60k. I have my limits there. But still I will wait as I was expecting it before and after halving. Let's hop it will not go down more.

The rapid approval of Bitcoin ETFs in Hong Kong is very good news. However, the market did not rise much after this news was released because Bitcoin was dumped after the news was released and one of the reasons for the dumping was the bombings in the war. The news did not boost the market much due to the war bombings with Israel and Iran, causing the market to drop significantly. Still, the market rose slightly. Anyway, great news. I expect this kind of news to push the price of Bitcoin further.

The steps taken by Hong Kong I think this step can open up new opportunities for investors and create hope among investors. Let's go ahead and surely we will see the positive results of Bitcoin very soon.

With more ETF approval across Asia, the positive sentiment will rise. Analysts are predicting BTC might set a new all-time high because of this activity after the halving or near the end of the year. I am certainly all in on crypto and have invested heavily in a reputable crypto firm with a proprietary crypto trading bot that continues to rebalance my portfolio for maximum gains, keeping me a happy camper.

It's indeed a great news for Bitcoin ETF's being accepted in Hong Kong after much discussions. Hong Kong is a major player in the Asia's financial sector, Their approval of the ETF's will be a big influence.
The Bitcoin ETF is more of the investment that large pocket holders have been waiting for and with more investment, I wonder how high the price of BTC becomes.

We're all moving forward to the new all time high that might happen this year but if not, early quarters of 2025. Bitcoin spot ETFs are now one of the contributors for the bull run that we're all waiting for and in fact, it helped to surpass the ATH of 2021.

As long as there's money, everyone is making a plan and some nations don't want to get late on it. The cycle is already known globally if they're going to step onto Bitcoin providing these ways of making their people invest on it. Those that are scared to invest on their own are the target market of these spot etfs.

I'm not expecting a quick reaction for Bitcoin. Let's wait and give it sometime for a few months or even at the end of this year. It is for sure that we're going to see the big impact of these bitcoin etf approvals.

I think that I've heard of that company before but if they're venturing into crypto and trying to get a chunk on this bull run, everyone is free to do so. They're going to contribute to the bull run that we're all waiting for but for them, they want to have some share too. I'm expecting more centralized companies, government and private institutions to get their hands to Bitcoin for this year before they're too late.

Those war news possibly have affected the market a bit but we've seen how it's resilient since we're on the start of the bull run. Most of the negative news will be eaten back by the bullishness of Bitcoin.

If the bitcoin ETF is approved in Hong Kong it could be good news for bitcoin as the demand increases and it will further increase the bitcoin price. Bitcoin ETFs both offer exposure to the cryptocurrency market each with their own advantages and considerations. Traditional investors may be drawn to bitcoin ETFs for their ease of access and regulatory oversight, while cryptocurrency enthusiasts may prefer bitcoin for decentralization and Hong Kong's potential participation in decentralized finance.

Any Bitcoin spot etf application that has been approved is good news, mainly for the price of Bitcoin and we all like that. While we the direct investors of BTC can hold it and knows how to do things and stuff through keeping it, the traditional investors are letting these institutions and brokers to do the investing for them.

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Speaking of this Hong Kong Bitcoin spot etf approval, they're going to be traded starting April 30. Possible that we'll get some pump after this dump that we've seen recently.

In late April and early May, we will have a lot of noteworthy news that will have a significant impact on the market. In addition to the news about Hong Kong ETFs that will start trading at the end of the month, we need to pay attention to the CZ trial that will also take place on the same day. Not to mention May 1 is the day the Fed will announce a reduction in interest rates and if the remaining 2 news are negative, I believe that with news about the HK ETF it will be difficult to pull the market back to growth.
I am also waiting for the HK ETF to open, this will have a positive impact on the market but I am not very optimistic about the remaining 2 news.

I agree, I've just read that source that we have to wait for the month of May to come. We're quite sluggish for this month of April but then, we have an idea on how things goes when we're stable like this for Bitcoin. The effect of etf from Hong kong will be soon be seen just like the ones that have been approved in the US before the halving. Although if it's with CZ's news, there can be a slight effect to the market to none IMO and about the FEDs announcement, we'd definitely see how Bitcoin's price is going to react on it.

This is fundamentally good news! Remember what happened when US  ETFs were approved, even before that, we already saw market was pumping. So what happened recently is due to this also but the react is not that really high because seems some are not really appreciate ETF in Asia, but for me, we must appreciate this especially other region will do it also.

Certainly, it is. We've got one more day until the start of the trading happens there in Hong Kong for the Bitcoin spot ETF.

Because the reaction won't come on an instant, many speculators are about to wait on how the market will show how this kind of news affects entirely the market. So, let's wait until tomorrow or let's say for the month of May for which it's said that a lot of things are gonna happen.

There will be positive effects because new Bitcoin Spot ETFs in any nation will bring more new investors to this market, new capital into this market. Demand increases and with time, it will be reflected on price, lift the price up.

I don't know how long will it take for the effects to be shown on the market trading volume and price, but it will be shown.

The bull run will show its big momentum some months after the halving and holders will get benefit from this bull run. If they can hold, they will have better price to take profit in this bull run that has yet reached to its highest price area.

Just to give some update about their first day opening their trades, the volume is around $8.5M and that didn't affected the market a lot whilst for ETH etf is around $3.5M. That's far compared to the US' first day of Bitcoin spot ETF trading volume that reached $4.6B. Well, not to expect much as it's still the first day and that's still a great volume to add and it shall grow soon.
Source: HONG KONG BITCOIN ETFS RECORD $8.5 MILLION IN FIRST DAY VOLUME (https://bitcoinmagazine.com/business/hong-kong-bitcoin-etfs-record-only-8-5-million-volume-on-first-day)

this is good news, but as you said, a bitcoin etf is still a bitcoin etf, it's not bitcoin, and an ethereum etf is not ethereum, so the impact on the crypto market is not as significant as crypto legalization. however, we need to support this because as etfs become increasingly legal, it will not rule out the possibility that crypto legalization will become clearer in the future.

After ETFs is legalized in HongKong, now the price went down lol.

If you mean to accepting crypto as legal tender, well it doesn't really give a significant adoption too, take a look with El Salvador, it's not even reach 50% of total citizen that choose Bitcoin over fiat for daily transactions.

Most of the countries already accept Bitcoin as a commodity or property.

Almost more then a week has passed since the ETF was approved in hong Kong and during this time Bitcoin ETF was approved in hong Kong but also many ETF were not approved which has the opposite effect and instead of increasing the price of Bitcoin is decreasing and currently the price of Bitcoin is around 60k dollar.
Expectations were high for all ETF but no official announcement has been seen so far . And the other news listening received was that Australia is announcing the approval of an ETF this year regarding Ethereum, with the price  of Ethereum moving in a sideway direction earlier . With the arrival of this news the price of Ethereum will also start to down :D.

A lot of people including myself, except price of Bitcoin to go up after the approval of the Bitcoin ETH by Hong-Kong but instead it when the other way round, I know many that's been disappointed by this, there expectations where high cause many thought Bitcoin would reach 80k and even get but that but after the halving a lot of expectations were cut shot cause BTC didn't get to the point they expected during the halving.

 I feel sorry for those who borrowed money or invested in Bitcoin from their little savings because things didn't work out as plan but rather the price keeps going down. I even heard someone saying Bitcoin is of the devil and it's not a good asset to invest in, I belive such person is among those who expectations were high or borrowed to invest during the halving lol.

 Well, all hope I not lost Bitcoin is a volatile asset and it could still shock everyone although no one knows when. Atleast this could teach everyone that the approval of ETF by any country doesn't really determines the price of Bitcoin, bit I feel the hike of gas fee could be what influenced the drop in price currently.

That's a good News to hear towards Bitcoin and Ethereum ETF approved in Hong Kong, China precisely, which is a gradually process to others country to officially accept cryptocurrency as a means of payment and trading in the country in which in the next Bull Run movement is around the corner with the expansion acceptability of Bitcoin and Ethereum ETF approved we skyrocket the cryptocurrency market in time coming.

I'm hoping more country follow their footstep as well including those countries that have been hostile against Bitcoins throughout the years because they want to prevent further escalations of the numbers of scammers in their countries, now that everything has been cleared out, it's about time they give a green flag and not to get left behind by other countries because along with approving it, more job opportunities will come and more money for their country and all they need to do is just to protect those platforms and companies that choose their countries to run their crypto business, as long as it's not a scam, money awaits for those countries who shelter these huge businesses.

It's true that while mainland China has taken a more restrictive stance on cryptocurrencies, other countries have been more open to embracing them. This acceptance and adoption by various countries can indeed have a positive impact on Bitcoin's price, as it expands the pool of potential buyers and investors. The increasing accessibility and acceptance of Bitcoin in places like Hong Kong can create more demand and contribute to its price appreciation over time. However, it's essential to consider the broader market factors, regulatory developments, and investor sentiment that can also influence Bitcoin's price movements.

Shoot, I saw this online a few weeks ago and completely forgot that I've got a few buddies out in HK.  I just emailed one of them asking if he might be able to source either some newspapers or magazines discussing this breakthrough for HK.  So fingers crossed he can get me some cool keep-sake collectibles regarding this historical event. 

I can't imagine China is happy about this!

China mainland government try to create pressure on Hong Kong and try to gradually change laws, regulations and government structure in Hong Kong. Hong Kong has many years live in a world of freedom and their citizens seriously fight to maintain it.

With latest things happen in Hong Kong, China mainland government would feel unhappy but I believe they will not stop their strategy to invade Hong Kong and bring it back to their control. Coming years or decades will be so tough and challenging for Hong Kong under threats from China mainland.

Approval of Bitcoin Spot ETF in Hong Kong is good for their citizens and Bitcoin community. They are contributing another success for Bitcoin and its adoption. It can set up good foundation for other countries to follow.