Top Crypto Gainers Today on DEXScreener – THREE, $SWIPES, AMERICA
As Bitcoin (BTC) pushes back to the north of $64,000 on anticipation that the imminent launch of spot Bitcoin and Ether (ETH) ETFs in Hong Kong might inject fresh bullish impetus into the crypto market, on-chain markets are heating up and attracting traders in droves as they hunt for top crypto gainers today.
An executive at China AMC was confident that Hong Kong’s first day of issuance could best that of the US.
China AMC is pretty confident that HK can outdo the US in bitcoin ETF flows and volume on Day One (which starts in a few hrs). Also says other regions like Singapore and Middle East could seek out the ETFs altho confirmed off limits for China mainland invs https://t.co/J2YwF9LMZU pic.twitter.com/TRXRNNthBC
— Eric Balchunas (@EricBalchunas) April 29, 2024
China AMC is one of the issuers of the new ETFs in Hong Kong.
Whether that will be enough to drastically shift the narrative for Bitcoin and Ether remains to be seen.
Bitcoin remains locked near the mid-point of its multi-month $60,000-$74,000ish range.
Ether, meanwhile, remains locked in a gradual downtrend from its March highs.
Macro remains a headwind for crypto right now. Recent data out of the US has shown weaker-than-expected growth, but hotter-than-expected inflation.
That’s a bad combination for risk assets and complicates the outlook for Fed rate cuts.
Indeed, fading rate cut bets has been one reason for major cryptos losing bullish momentum in recent weeks.
With blue-chip cryptos likely to continue trading with a lack of impetus, on-chain markets are becoming more attractive.
That’s because on-chain markets are highly illiquid and volatile. Traders can quickly lose everything.
But just as quickly, if they are smart/lucky, traders can make a small fortune.
On-chain
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