South Korea is paving the way for Asia’s first spot Bitcoin ETF

South Korea is a hub of Crypto & blockchain technology. Under the strict rules & laws, crypto trading is fully legal in this country. Also, the current ruling government party of this country has soft stances toward this innovative sector. Notably strict laws of this country allow only a limited number of companies to provide full crypto-fiat services.

As per several media reports, the South Korean government agencies are planning for a vote on allowing spot Bitcoin ETFs in June.

If all these reports are true, then surely it will be a very big step by the South Korean government toward Bitcoin adoption. 

JUST IN: South Korea's new government gears up to vote on allowing spot #Bitcoin ETFs in June, marking a potential game-changer in the country's crypto landscape! #ETFs #CryptoRegulation pic.twitter.com/goKQb0enij

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— Collin Brown (@CollinBrownXRP) May 7, 2024

Many crypto enthusiasts considered this news not a strange move, as already the South Korean Democratic Party promised citizens to allow exposure to the US Bitcoin spot ETF products, just before the elections in April.

JUST IN: South Korea's Democratic Party vows to ease restrictions on US #BITCOIN ETFs if elected, citizens invest $200 million in #MicroStrategy shares.

SOURCE: Bloomberg pic.twitter.com/fFMAmf9MYa

— AlienInvestor (@alieninvestor_) April 6, 2024

Following all such reports, many Bitcoin enthusiasts said that the $80k level for Bitcoin is coming. 

At the time of writing this article, the trade price of Bitcoin is $62,500 & this trade price is 2.2% down over the last 24 hours. 

#Bitcoin $62.5k pic.twitter.com/GkEHZW4LYo

— Bitcoinik (@Bitcoinikdotcom) May 8, 2024

Popular Bitcoin analyst Rekt Capital noted that the patterns followed by Bitcoin showed that we are currently 63% away from the big bull phase.

#BTC Bull Market Progress:

▓▓▓░░░░░░░ 37.0%

(Progress bar based on standard Halving Cycles)$BTC #Crypto #Bitcoin pic.twitter.com/qpyzFIxO1k

— Rekt Capital (@rektcapital) May 7, 2024

Furthermore, the Bitcoin analyst also noted that Bitcoin has been staying around $60,000 to $70,000 for almost two months now. This means the cycle of its price going up quickly has slowed down a bit, from happening every 260 days to now taking around 210 days. 

#BTC

In March 2024, Bitcoin reached new All Time Highs to confirm an Acceleration in the current cycle by 260 days compared to traditional Halving cycles

However, Bitcoin has now been consolidating between ~$60000-$70000 for almost two months or so

This has reduced the…

— Rekt Capital (@rektcapital) May 5, 2024

Read also: US CFTC chair says enforcement actions against crypto companies coming 

South Korea is paving the way for Asia’s first spot Bitcoin ETF

 

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