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Australia to Launch Spot BTC ETFs By 2024 End

Published

Australia may see its first Bitcoin ETF this year, with ASX potentially approving applications by 2024 end.

According to a report by Bloomberg, Australia might get its first spot Bitcoin (BTC) ETF (Exchange Traded Fund) later this year. According to the report, the Australian Securities Exchange (ASX) might greenlight the first spot BTC ETF application by the end of 2024.

Bloomberg notes that several issuers are lining up to launch their products on ASX. Some of these issuers include BetaShares, VanEck, and DigitalX. According to a spokesperson for ASX, the exchange is currently engaging with several issuers.

Spot Bitcoin ETFs seem to be spreading like wildfire. The US SEC (Securities and Exchange Commission) approved 11 applications in January 2024. Hong Kong will begin trading its first spot BTC ETF on Apr. 30, 2024. Now, Australia is gearing up to join the bandwagon.

The US spot BTC ETFs played a significant role in the crypto market rally earlier this year. The ETFs led to Bitcoin hitting a new all-time high of $73,737 in March. A similar pattern may unfold after the Hong Kong spot BTC ETF goes live on Apr. 30, 2024. If an Australian spot BTC ETF is greenlit, BTC’s price may go even further.

According to CoinCodex, Bitcoin (BTC) could hit a new all-time high in May. The platform predicts BTC to hit $74,307 on May 5, 2024. Furthermore, CoinCodex anticipates BTC to continue its rally throughout the month, hitting $83,238 on May 29, 2024.

Changelly also paints a bullish picture for Bitcoin (BTC) over the next few months. According to Changelly, BTC will hit a new all-time high of $73,889 on May 4, 2024. Moreover, Changelly anticipates BTC to hit $84,049 on May 24, 2024.