Bitcoin starts new week strong while Chinese investment firms want their own Bitcoin ETF

Bitcoin started the new week very strongly, with a price of $72,500 at a certain point. International stock markets reacted positively to the news, and crypto-related stocks such as Coinbase and iBit also had a very good trading day.

Gold also exchanged hands for a new record price on Monday.

Meanwhile, analysts are counting down to the next Bitcoin halving. While some are openly wondering whether the rally isn’t already baked into the current price, others think they see a positive sign in Bitcoin’s Bollinger bands.

It doesn’t happen often.#Bitcoin closed 2 consecutive months over the upper Bollinger band.

Each time it has then doubled within 3 months before the next red candle. pic.twitter.com/veOOOmT8Id

— TechDev (@TechDev_52) April 7, 2024

Unexpected news from China, where the pro-government newspaper ‘Global Times’ reported on Monday that some Chinese investment funds have submitted applications via their offices in Hong Kong (where crypto trading is permitted) to start their own Bitcoin ETF.

Altcoins

On the broader altcoin market, it was notable that it were the many memecoins that saw the strongest return in the first hours on Monday after Bitcoin broke through $70,000. Coins such as Dogwifhat, Pepe, Floki and Dogecoin all showed nice gains. This comes after a week in which those same memecoins were all left with a loss of around 20%.

There is clearly still an appetite among investors to purchase memecoins (even though they are extremely volatile).

Other major altcoins that had a fantastic Monday were Toncoin and Ether.

China Bitcoin ETF

The success of the many Bitcoin ETFs in the United States is of course major news to the Chinese investment community. The government newspaper Global Times reported on Monday that several major Chinese investment funds that normally operate from the mainland (think Chongqing, Shanghai, Beijing and Guangzhou) now want to launch a Bitcoin ETF through their offices in Hong Kong.

The city-state of Hong Kong is the only place in China where crypto trading is allowed. It is currently unclear whether Xi Jinping’s government will agree to this.