In an exciting development for cryptocurrency enthusiasts Down Under, Australia might soon see its first spot Bitcoin Exchange Traded Fund (ETF) as early as the end of this year, according to a report from Bloomberg.
The report suggests that the Australian Securities Exchange (ASX) is poised to approve the first application for a first spot Bitcoin ETF by the close of 2024. This news comes as various issuers, including big names like BetaShares, VanEck, and DigitalX, line up to debut their ETF products on the ASX, with the exchange currently in discussions with multiple issuers.
Australia First Spot BITCOIN ETF and its Impact on Crypto Markets
Spot Bitcoin ETFs are rapidly gaining traction globally. In January 2024, the US Securities and Exchange Commission (SEC) greenlit 11 applications, while Hong Kong is set to kick off trading for its inaugural spot BTC ETF on April 30, 2024. Now, Australia is preparing to jump aboard the ETF bandwagon.
With the rise of spot BTC ETFs, many are wondering if Bitcoin will reach new heights, especially once an Australian spot ETF is given the green light.
The introduction of spot BTC ETFs in the US earlier this year significantly influenced the crypto market’s surge, culminating in Bitcoin reaching an all-time high of $73,737 in March. A similar scenario could unfold following the launch of Hong Kong’s spot BTC ETF on April 30, 2024. Should Australia follow suit, the price of BTC might soar even higher.
According to predictions from CoinCodex, Bitcoin could hit a new all-time peak in May, with projections pointing to $74,307 on May 5, 2024, and potentially reaching $83,238 by May 29, 2024. Likewise, Changelly foresees a bullish trend for BTC, forecasting a new high of $73,889 on May 4, 2024, and a further climb to $84,049 by May 24, 2024.