The Week in Crypto: Hong Kong BTC & ETH ETFs, FOMC Meeting, and SHIB Developments

This past week has been eventful in the world of cryptocurrency, with several key events driving the market’s movements and capturing the attention of traders and enthusiasts worldwide. From the launch of Bitcoin and Ethereum ETFs in Hong Kong to the U.S. FOMC meeting and significant developments in the Shiba Inu ecosystem, there is no shortage of headlines shaping the crypto landscape.

Hong Kong Bitcoin & Ethereum ETFs Begin Trading

One of the most notable developments of the week was the introduction of Bitcoin and Ethereum exchange-traded funds (ETFs) in the Hong Kong market. Three service providers, including Harvest Global Investments Ltd., China Asset Management, and a partnership between HashKey Capital Ltd. and Bosera Asset Management (International) Co., began offering crypto ETF services in the region.

While the initial trading volume was modest, reaching $12 million, the ETF landscape in Asia quickly gained momentum. Hong Kong even surpassed the U.S. in weekly inflows into crypto ETFs, marking a significant milestone for the region. Data from Arkham showed that Bosera Hashkey held a substantial amount of Bitcoin and Ethereum, further underscoring the growing popularity of crypto ETFs in Hong Kong.

FOMC Meeting Impacts Crypto Markets

The U.S. Federal Open Market Committee (FOMC) meeting also took place during the week, with Fed Chair Jerome Powell announcing no changes to interest rates for the sixth consecutive time. This decision had a notable impact on the broader crypto market, spurring volatile price actions across various tokens.

Bitcoin’s price initially dipped but quickly recovered, reaching highs above $64,000. Altcoins also experienced significant price movements, influenced by the Fed’s stance on monetary policy. The market volatility post-Bitcoin halving added to the price fluctuations seen throughout the week.

Shiba Inu Unveils Hard Fork for Shibarium

Meanwhile, the popular meme coin Shiba Inu made headlines with the introduction of a hard fork for its blockchain network, Shibarium. The new upgrade, named Heimdall, aims to enhance block processing speed and transaction fee predictability, setting the stage for future growth and adoption of the SHIB token.

Whales were observed buying substantial amounts of SHIB tokens following the hard fork announcement, fueling optimism for Shiba Inu’s price trajectory. The community’s excitement over the developments in the SHIB ecosystem contributed to the token’s positive momentum.

As the crypto market continues to evolve and respond to various global events, these key highlights from the past week demonstrate the dynamic nature of the industry and the ongoing interest and investments in digital assets.