Hong Kong may introduce Ethereum-ETF staking this year
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Johny Smith
2024/09/29
3 mins read
According to Blockdaemon head Andrew Vranjes, Hong Kong regulators may ratify the staking function for spot Ethereum-ETFs this year. This will be a further step for the region on its path to becoming a global cryptocurrency hub. The specialist emphasized that his company actively interacts with clients and regulators. At the same time, many users are interested in the staking function for spot funds.
Despite the hype associated with spot Ethereum ETFs in Hong Kong, their results have been rather modest. This cannot even be compared with what is happening in the segment of American funds. However, this is not surprising because the Hong Kong market is considered relatively small.
The key event of this week was the Fed meeting. As a result, the American regulator reduced the refinancing rate by 50 basis points. The cryptocurrency market reacted to this event with a sharp increase. Initially, most bidders assumed that the rate would be cut by 25 basis points. However, the Fed’s decision exceeded investors’ expectations.
The main digital currency sharply increased in price, confidently consolidating above the round mark of $60,000. This was followed by an increase, against the background of which the quotes reached the level of $62,000. However, it should be noted that at the end of the past day, spot funds for Bitcoin lost more than $52 million.
If we talk about funds for ether, they continue to actively lose funds. Over the past 24 hours, users withdrew almost $10 million from them. It is also noteworthy that over the previous 24 hours, the total capitalization of the cryptocurrency market grew by almost $100 billion. Currently, it is estimated at more than $2.1 trillion. In turn, capitalization bitcoin is $1.2 trillion.
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