Crypto Headlines Of The Week: Hong Kong BTC & ETH ETFs, FOMC, & SHIB Hog Attention
The dynamic realm of cryptocurrencies closes another week, with the broader crypto market primarily witnessing turbulent shifts attributed to a stockpile of attention-grabbing events. Bitcoin and Ethereum ETFs finally commenced their trading journey in Hong Kong this week while the U.S. FOMC meeting took place, turning heads across the crypto space. Additionally, Shiba Inu garnered considerable attention, further advancing with its cryptographic developments.
Here’s a collective overview of some of this week’s top headlines, which appear to have gained significant attention across the global crypto realm.
Hong Kong Bitcoin & Ethereum ETFs Commence Trading: Report
In a significant gust of developments witnessed this week, the Hong Kong spot BTC and ETH ETFs finally started trading, with the nation seeing three service providers. Notably, Harvest Global Investments Ltd., the local unit of China Asset Management, and a partnership between HashKey Capital Ltd. and Bosera Asset Management (International) Co., are the firms offering crypto ETF services in Hong Kong.
Whereas, following a sluggish start with only $12 million in trading volume recorded, the Asian crypto ETF landscape gradually gained traction surging to unprecedented levels. Intriguingly, amidst the turbulent shift brought upon by the U.S. FOMC meeting, Hong Kong overtook the U.S. in weekly inflows surrounding crypto ETFs, marking a monumental achievement.
Meanwhile, data by Arkham revealed that Bosera Hashkey held 964 BTC & 4.29K ETH, further underscoring the progression of Hong Kong’s BTC & ETH ETF landscape.
FOMC Takes Place: What’s The Scoop?
Whereas, the third U.S. FOMC meeting finally unfolded this week, with Fed Chair Jerome Powell keeping the interest rates unchanged for the sixth straight time. This chronicle primarily brought upon a significant shift in the broader crypto market, with tokens witnessing a mind-blowing turbulent price action.
Over the past week, Bitcoin’s price cracked to $56,755, whereas the token gradually regained an upward momentum, topping $64K recently. Similarly, against the backdrop of Bitcoin’s price movements, altcoins, too, witnessed substantial shifts in price movements, all attributed to the Fed’s non-dovish stance.
Meanwhile, it’s also worth noting that the crypto market heightened witnesses volatility post-BTC halving.
Also Read: Jack Dorsey Pledges $21 Million for Bitcoin Development
Shiba Inu Unveils Hard Fork
Further, Shiba Inu, one of the most renowned meme coins, unveiled a hard fork for Shibarium this week, aiming for faster block processing and more predictable transaction fees. This hard fork, Heimdall, comes following the Bor hard fork upgrade, primarily to optimize SHIB’s blockchain infrastructure for future growth and adoption.
Additionally, it was noted that whales bought colossal amounts of SHIB amidst the abovementioned developmental endeavor, further fueling the optimistic fire for Shiba Inu’s price movements ahead.
Also Read: Bitfinex Suffers Data Breach, Tether CEO Says “Seems Fake”
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