Bitcoin (BTC) and Cryptocurrencies on the Verge of a Sharp Decline: Analyst’s Scenario Sparks Fear!

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Hong Kong’s Bitcoin ETFs disappoint market expectations, leading to a drop in crypto markets and Bitcoin prices.
Analysts suggest that the lack of institutional demand and the injection of fake money into the markets by Tether (USDT) could be contributing factors.
Concerns about Bitcoin’s long-term sustainability, increasing criticism of its environmental impact, and potential regulatory pressures are also highlighted.

Bitcoin prices and crypto markets take a hit following the disappointing performance of Hong Kong’s Bitcoin ETFs. This article explores the factors behind this downturn and potential future implications for Bitcoin.

Hong Kong Bitcoin ETFs Underperform

As reported by analyst WhaleWire, six Hong Kong ETFs, including Bitcoin and Ethereum, significantly failed to meet market expectations on their first day of trading. The ETFs recorded a combined trading volume of just $11 million, far below the anticipated $125 million. This disappointing performance has been linked to a drop in Bitcoin prices, which fell to $58,000 from $61,000 within the same period.

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19m ago•