Bitcoin, Ether plunge after tepid launch of Hong Kong ETFs

𝘉𝘪𝘵𝘤𝘰𝘪𝘯, 𝘸𝘩𝘪𝘤𝘩 𝘪𝘴 𝘵𝘩𝘦 𝘭𝘢𝘳𝘨𝘦𝘴𝘵 𝘤𝘳𝘺𝘱𝘵𝘰𝘤𝘶𝘳𝘳𝘦𝘯𝘤𝘺 𝘣𝘺 𝘮𝘢𝘳𝘬𝘦𝘵 𝘷𝘢𝘭𝘶𝘦, 𝘧𝘦𝘭𝘭 4.04 𝘱𝘦𝘳𝘤𝘦𝘯𝘵 𝘵𝘰 𝘙𝘴 51,12,625.33 𝘰𝘯 𝘈𝘱𝘳𝘪𝘭 30, 𝘸𝘩𝘪𝘭𝘦 𝘵𝘩𝘦 𝘴𝘦𝘤𝘰𝘯𝘥 𝘭𝘢𝘳𝘨𝘦𝘴𝘵 𝘥𝘪𝘨𝘪𝘵𝘢𝘭 𝘢𝘴𝘴𝘦𝘵 𝘌𝘵𝘩𝘦𝘳𝘦𝘶𝘮 𝘴𝘭𝘪𝘱𝘱𝘦𝘥 6.25 𝘱𝘦𝘳𝘤𝘦𝘯𝘵 𝘵𝘰 𝘙𝘴 2,51,570.37

In mainland China, cryptocurrency is banned, but Hong Kong has been promoting itself as a global digital asset hub, part of a drive to maintain its attraction as a financial centre
Major cryptocurrencies came under pressure after a tepid debut of a batch of exchange-traded funds (ETFs) in Hong Kong, linked to several digital assets on April 30.

Bitcoin, which is the largest cryptocurrency by market value, fell 4.04 percent to Rs 51,12,625.33 on April 30, while the second largest digital asset Ethereum slipped 6.25 percent to Rs 2,51,570.37

The debut of six spot bitcoin and ether ETFs will test Asian investors' enthusiasm for cryptocurrency assets. It marks the first launch of spot cryptocurrency ETFs in the continent and comes just three months after the US launched its first ETFs to track spot bitcoin.

In the mainland China, cryptocurrency is banned, but Hong Kong has been promoting itself as a global digital asset hub, part of a drive to maintain its attraction as a financial centre.

Reuters reported that the spot bitcoin ETFs launched by China AMC 3042.HK, Harvest 3439.HK and Bosera 3008.HK gained between 1.5% and 1.8% at the close, while the three ether ETFs 3046.HK, 3179.HK, 3009.HK edged down.