Bitcoin Prices Soar Ahead Of The Opening Of BTC And ETH ETF Trading In Hong Kong

JAKARTA - Towards the close of April, the price of Bitcoin rose again by 2.83 percent over the past 24 hours to the level of 64,490 (Rp1,049 billion) on Tuesday, April 30 at 08:00 WIB.

In addition, Altcoin memecoin has also strengthened in the last 24 hours, such as BONK rose 6.59 percent, PEPE rose 5.73 percent, and WIF jumped 5.65 percent. Overall, the total market capitalization of Crypto Assets also increased by 0.75 percent.

This week, the crypto community is looking forward to an important industrial event as Hong Kong is ready to launch a Bitcoin spot trading and exchange-traded funds (ETF) today, Tuesday, April 30, 2024.

Crypto's Financial Expert, Panji Yudha said that the event will mark another milestone in the development of regulated crypto and ETF investment products around the world, following the historic launch of the Bitcoin spot ETF in the United States in January 2024.

Meanwhile, the main economic event this week will take place on Wednesday, May 1, when the Fed is scheduled to release its latest interest rate announcement. Market participants expect the US central bank will not change the Fed Funds rate from the highest range in the last two decades to 5.25 percent to 5.50 percent.

The concern about higher US interest rates over the longer term is the biggest burden on Bitcoin in recent sessions, given that the wider crypto asset market usually benefits from environments with low interest rates and high liquidity," Panji said.