Bitcoin is on course for 12% losses in April, and with the monthly close just days away, it could end up sparking the weakest BTC price action in more than a year.The largest cryptocurrency continues to tread water beneath significant resistance levels after a week of sustained selling during Wall Street trading hours.
Its comeback may be helped by a dose of deja vu this week — less than four months after the United States, Hong Kong is set to launch its own spot Bitcoin exchange-traded funds . It is not just FOMC; headlining the week’s macro events is accompanying commentary from Fed Chair Jerome Powell on May 1, followed by jobless claims and unemployment data on May 2 and May 3, respectively.
Like the U.S. in January, Hong Kong is about to open the doors to spot Bitcoin ETFs — and anticipation of copycat interest and price impact is already building. “The substantial capital potential might lead to increased liquidity and possibly stabilize Bitcoin prices,” it wrote on X.
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