each country has its own regulations,
as we know in the US BTC to get approval takes years, they may be very careful in taking the risk of what will happen later, at least they study and hope they have minimized the risk if BTC is approved
Indeed. We can't expect all country to have the same policy, the regulation sometimes can be different in each country.
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And it could have been that the Hong Kong market is doing good already since it has approved. Let's give it some time to have those numbers up, yeah it's just a small nation so influence in the market is not that big.
But, hasn't the Ethereum spot ETF also been approved by the US SEC? I read the news and that's why a few days ago, the market went up quite well. It's just that, as happened after the BTC ETF was approved, the price only rose for a few moments and then returned to normal, dropping to the average price for this month.
However, the good thing is that when the US SEC has approved the Spot ETH ETF, it is possible that in the future, the movement of Ethereum in particular, and crypto in general, will be much bigger. But indeed, the approval is still in the first stage if I understand correctly, so there are still other stages to be truly approved. However, if you look at the first stage of approval, then it is very likely that something like Bitcoin ETF will also be approved.
“The US is the largest market for ETFs in the world, and where the US moves, others usually follow. The launch of Ethereum ETFs still needs to go through a second stage of approval, but if given the green light, would represent a major vote of confidence in the role that digital assets will play in our financial system and open the floodgates to more of these products.”
At least this year there will be 2 Spot ETFs approved and I am sure this will be a good news and have long term effects too. We'll see next month, whether it can actually succeed in rising again drastically or not. Or are you still waiting for a certain period?
News here:
https://fintechmagazine.com/articles/us-sec-approves-spot-ethereum-etfs-cryptos-rise-continues