Bitcoin Back in Green as Crypto Market Awaits Hong Kong Spot ETF Decision

Bitcoin is once again trading above $65,000 as geopolitical tensions ease and the market awaits the decision on Bitcoin ETFs in Hong Kong. The approval of these ETFs, expected to happen later this week, could potentially unlock up to $25 billion in demand. The recent volatility in the crypto market, caused by Iran’s missile attack against Israel, seems to have subsided as the conflict does not appear to be escalating further. Additionally, traders have been seeking safe-haven assets, with PAXG, a tokenized gold digital asset, trading at a 20% premium over physical gold during the height of the tensions. However, the market has also been under pressure due to U.S. tax season and the upcoming halving event, which has led to a “firesale” of crypto assets. Overall, traders are optimistic about the future of the crypto market as they await the ETF decision and the potential influx of new investors from China.