Bitcoin, Ether prices drop amid lackluster debut of Hong Kong ETFs

In their Hong Kong debut on Tuesday, six spot Bitcoin and exchange-traded funds (ETFs) delivered mixed performances amid relatively tepid trading, reflecting the city's assessment of Asian investors' interest in cryptocurrency assets.

These debuts mark the first launch of spot cryptocurrency ETFs in Asia, coming just three months after the US introduced its first ETFs to track spot bitcoin.

Spot Bitcoin ETFs launched by China AMC — Harvest and Bosera — had gained roughly 2.6% by the mid-day break. However, the three ether ETFs managed by the asset managers remained largely flat.

Total turnover for the six ETFs on their first day amounted to about $112 million, significantly lower than the $4.6 billion recorded on the first day of U.S. trading.

Other also experienced declines, with BNB, XRP, Shiba Inu, Solana, Dogecoin, Cardano, and Avalanche falling by up to 5%.

Meanwhile, the global cryptocurrency market cap saw a 2.4% decline to approximately $2.46 trillion over the last 24 hours.

The volume of all stablecoins now stands at $69.03 billion, representing 93.49% of the total crypto market 24-hour volume, according to data available on CoinMarketCap.

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, dropped to $1.204 trillion. Bitcoin's dominance is currently 53.65%, according to CoinMarketCap. BTC volume surged 43.2% to $30.9 billion over the same period.

Bitcoin has gained roughly 50% this year and reached an all-time high of $73,803 in March. It was trading around $62,000 on Tuesday. Ether has risen more than 30% year-to-date.

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Source: Forex-Markets-Economic Times