Bitcoin trims most of its weekend losses as Hong Kong approves spot ETF

Bitcoin bids have accelerated in the past hour as it nearly erases the week-end drop that was prompted by Iran’s strikes on Israel.

The catalyst for the latest leg of buying is the Hong Kong approval of spot BTC and ETH applications for ETFs. It’s not yet clear when they will launch but there are a handful of applications.

Bitcoin remains about 1.2% below pre-attack levels but ethereum is now higher. Both moves were rumored last week so they’re not entirely surprising but for ETH it’s particularly bullish given that a US ETF approval is now looking unlikely.

It’s a big week for bitcoin with the halvening slated for late in the week.

This article was written by Adam Button at www.forexlive.com.