Professional trader warns of ‘catastrophic’ market crash and crypto lows
After the crypto currency market started to drop following the disappointing trading volumes of the new Hong Kong spot Bitcoin (BTC) exchange-traded fund (ETFs), things have been particularly bad for the related crypto asset, which has dipped to the area of $61,000 in a matter of minutes. As it happens, the six Hong Kong ETFs with exposure in Bitcoin and Ethereum (ETH) have drastically missed market expectations on the first day of trading, with a combined trading volume of only $11 million, a fraction of the expected $125 million, as crypto market analyst WhaleWire noted on April 30. JUST IN: CRYPTO MARKETS DROP AFTER HONG KONG #BITCOIN ETF RECORDS LOW DEMAND. The 6 Hong Kong ETFs drastically missed market expectations on the first day of trading, with a combined trading volume of only $11 million, a tiny fraction of the $125 million many expected. — WhaleWire (@WhaleWire) April 30, 2024 According to the analyst, this isn’t a surprise, as WhaleWire highlighted the “...