Crypto Prices April 30: BTC, ETH ETFs Kick Off in Hong Kong

Crypto market gained 0.60%, reaching $2.46 trillion

• Success of Hong Kong Bitcoin ETFs debut hinges on investor navigation of tight regulatory market.

• During the recent Consensys lawsuit, a new report indicates that SEC Chair Gary Gensler held the belief that Ethereum qualified as a security for approximately a year.

Major Events To Watch

Crypto Fear and Greed Index:

The "Fear and Greed Index" has maintained its position at 67 out of 100, showing stability.

Latest Market Update: 

• Cryptocurrency prices saw volatility as the price of #Bitcoin ($BTC) remained above the $63,000 mark.

• Additional altcoins like #Wormhole ($W), #XRP ($XRP), #Solana ($SOL), #Ethena ($ENA), and #Worldcoin ($WLD) witnessed increases.

• Over the past 48 hours, the #Helium ($HNT) token has exhibited the most notable increase, soaring by more than 12.30% in the last 24 hours.

• On the contrary, #Pendle, which was previously the top performer, experienced the most significant decline, plummeting by over 15.52% in the past 24 hours.

• Total crypto market volume over the last 24 hours: $68.4B, marking a 28.00% increase.

• DeFi volume stands at $5.98B, representing 8.74% of the total crypto market 24-hour volume.

• Volume of all stable coins reaches $63.57B, constituting 92.93% of the total crypto market 24-hour volume.

• Bitcoin's dominance is at 53.49%, up by 0.51% from the previous day.

Major Worldwide News Update:

• Morgan Stanley aims to expose about a dozen investment funds to Bitcoin through SEC-filed submissions, utilizing ETFs to diversify portfolios and manage risks associated with the volatile cryptocurrency market. This shift could drive significant demand for Bitcoin ETFs and encourage further institutional adoption of digital assets.

• Hong Kong Bitcoin ETFs debut amidst US outflows, offering unique in-kind redemption. Blockstream CEO Adam Back highlights tax advantages, bridging time zones. Analysts predict $1 billion inflow over two years. Harvest Global CEO Tongli sees broad investor appeal. US sees continued outflows. VanEck's Gurbacs anticipates China's broader institutional interests beyond ETFs.

• MicroStrategy reports disappointing Q1 2024 results, attributing losses to digital impairment. Revenues decline by 5.5%, with operating expenses surging 152.8%. Q1 2024 sees $203.7 million loss from operations, compared to $20.3 million profit in Q1 2023. Net loss amounts to $53.1 million. MicroStrategy now holds 214,400 BTC.

• Ark Invest, led by Cathie Wood, focuses on tech and chip stocks in recent purchases, including META, Qualcomm, and Taiwan Semiconductor. Aligning with the growing electric vehicle market, Ark also invests in companies like BYD. They continue to buy META despite market fluctuations, also acquiring Tesla shares.

• FTX and Voyager Digital reach a $450 million settlement approved by Judge John Dorsey. Voyager aims to settle claims and repay creditors post-bankruptcy. Terms include releasing $5 million from escrow and repaying $445 million to Alameda Research. The agreement facilitates Voyager's debt repayment strategy and marks progress in addressing bankruptcy claims.

• SEC Chair Gensler faces scrutiny over alleged deception regarding Ether classification. House Committee Chair McHenry accuses Gensler of lying to Congress about SEC's stance. Recent court documents suggest Ether's classification as security contradicts SEC's previous claims. Bipartisan FIT for the 21st Century Act urged for clear legal framework.

• Thailand's SEC warns digital asset platforms against misleading crypto promotions amid rising concerns over scams. Regulations mandate ads and events to benefit investors and avoid false information. Spain and the UK have also tightened crypto advertising rules following fraud cases involving influencers and celebrities.

COIN GABBAR Views: Are the Bitcoin and Ethereum ETFs in Hong Kong meeting expectations? Has Bitcoin's bull market reached its end, with $74k being the price top? Is there a potential for a correction below $60k in May? Could Bitcoin's Strong HODLer-Realized Price serve as a robust support around $60k, leading to a potential rebound in BTC price? To get latest news Stay tuned us at coingabbar

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

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