Hong Kong Welcomes Crypto: Approves BTC and ETH ETFs

DAILY MARKET OVERVIEW
Hong Kong ETFs

Welcome, crypto enthusiasts, to Tuesday’s market report! Strap in, because we've got some exciting news fresh out of Hong Kong.

In a move that's sure to have the crypto community hyped, Hong Kong has just approved Bitcoin and Ethereum ETFs! That's right, the Hong Kong Securities and Futures Commission has given the green light to three asset managers - Harvest Fund Management, Bosera Asset Management, and China Asset Management - to launch these groundbreaking products.

This is a significant development for the global crypto landscape, as it provides even greater accessibility for investors to get in on the action.

However, our crypto analysts are urging a bit of caution. Due to the size of the Hong Kong ETF market being relatively small compared to the behemoth that is the US, the approved issuers are still relatively unknown players.

Additionally, the underlying ecosystem in Hong Kong may not be as liquid or efficient as the US.

But make no mistake, this is still a win for crypto. More countries jumping on the ETF bandwagon is a net positive, even if the immediate impact may not be earth-shattering.

TWITTER SENTIMENT
Latest Crypto Analysis by CredibleCrypto

Many of you are likely curious about the future direction of the market. While none of us have a crystal ball, one of the most accurate analysts this cycle has been @CredibleCrypto.

He recently shared his latest analysis and forecasts for Bitcoin, so here are the takeaways:

• CredibleCrypto believes we are close to forming a local bottom
  

• He doesn't expect BTC to reach $53k, but thinks it could visit $56-$58k levels
  

• The current price range is viewed by CredibleCrypto as a large accumulation period for Bitcoin
  

• He suspects the price action is manipulated by large players
  

• CredibleCrypto notes open interest has been wiped out, reducing the likelihood of a large move-down due to fewer potential
  liquidations, which is why he thinks BTC is not expected to drop to $53k
  

• Currently, he believes Bitcoin is likely to revisit the $69k range, which is anticipated to act as resistance
  

• If Bitcoin fails to break above $69k, CredibleCrypto considers a drop below $60k as probable

The overall sentiment is that we remain in a corrective phase, and the next major breakout is not yet ready.

IO.net The Next Big Trend?

IO.net is gaining massive attention on Twitter. Although there's no token released, the official launch is slated for April 28th.

But what exactly is IO and why is everyone excited?

When you think of online shopping, the first name that comes to mind is Amazon. In the realm of AI cloud computing, io.net is likely to be the first name you hear or think about in the coming months.

Io.net is developing the world's largest AI computing cloud platform, capable of supporting massive clusters of up to 500,000 GPUs. With an impressive network of 200,000 GPUs, they offer nearly 4 times more GPU power and 10 times more CPU capacity than Render (the current leader in cloud computing), and a staggering 33 times more CPU than Filecoin. (largest storage computer network)

The real game-changer, however, is their ability to provide significantly lower prices, up to 90% cheaper than the competition, making it accessible for anyone to host AI models and build fully decentralized AI applications.

Powered by the $IO token, the io.net project has a good shot at becoming the next big cloud computing project.

NEWS OVERVIEW
Recent Crypto News

• Bored Ape NFT Prices Plunge, Reaching Lowest Levels Since August 2022

• Market Analyst Reverses Stance On Bitcoin, Predicts Downturn Post-Halving

• RUNES Introduces Bitcoin DeFi And Fungible Tokens Across Multiple Blockchains

• OKX Debuts Ethereum Layer 2 Network To Compete With Base
  

YOUTUBE INFLUENCER SUMMARY
Ivan On Tech - BITCOIN: TIME TO PANIC!!!!? DUMPS SO FAST.. (16.04.2024 Summary)

Ivan believes the recent Bitcoin price dump is just temporary volatility within a larger bullish trend. 

• He explains that we are nearing the next Bitcoin halving event, which has historically led to major price increases.
  

• Ivan feels the recent outflows from Bitcoin ETFs are a reflection of short-term sentiment, rather than a fundamental shift. He notes that institutions tend to follow the market rather than lead it.
  

• Importantly, Ivan highlights that cryptocurrencies are gaining adoption for international payments, especially by countries facing geopolitical isolation. He sees this as a major long-term use case that will drive continued growth in Bitcoin and other cryptocurrencies.
  

• In terms of strategy, Ivan advises staying focused on the big picture and not getting caught up in day-to-day price fluctuations.
  

• He recommends a DCA (dollar cost averaging) approach rather than trying to time the market.

Overall, Ivan remains very bullish on Bitcoin's long-term potential despite the recent dip.

Because Bitcoin - Bitcoin Halving Strategy 🚀: When to Rotate into Altcoins (16.04.2024 Summary)

As the Bitcoin halving approaches, it's an interesting time for crypto investors.

Historically, as Max from "Because Bitcoin" has analyzed, we've seen a pattern where altcoins tend to outperform Bitcoin leading up to the halving event.

• The "others/BTC" ratio that Max tracks, which measures the performance of altcoins compared to Bitcoin, often grinds higher in the months before a halving. This suggests it can make sense to have some exposure to altcoins during this period, according to Max's research.
  

• However, the pattern has also shown that right after the halving, this ratio tends to pull back a bit, meaning Bitcoin outperforms altcoins for a stretch. But then, around 230 days after the halving, we typically see a major "altcoin season" emerge, where smaller altcoins vastly outperform Bitcoin, as Max has pointed out.

• Based on the analysis he strategy could be: Hold some altcoins leading up to the halving, then consider rotating more heavily into altcoins around 230 days after the event, when they tend to really take off, based on Max's analysis. Of course, past performance doesn't guarantee future results, but understanding these historical patterns can help inform your halving trading approach.

The key is being nimble and willing to shift your allocations as the market conditions change around the halving cycle. With the right strategy, you may be able to capture gains in both Bitcoin and altcoins throughout the full halving cycle, as Max has suggested.

CRYPTO MEMES
“Bitcoin to the Moon!”