Bitcoin Back in Green as Crypto Market Awaits Hong Kong Spot ETF Decision

The market has shaken off concerns of escalations between Iran and Israel as the U.S. appears to have talked Israel out of a counter-attack.

AccessTimeIconApr 15, 2024 at 5:38 a.m. UTC
Updated Apr 15, 2024 at 5:41 a.m. UTC
  • BTC is back above $65,000 as geopolitical volatility subsides.
  • Traders are also anticipating the approval of BTC ETFs in Hong Kong, which is expected later Monday or this week.

Bitcoin (BTC) is trading above $65,000, while ether (ETH) is back above $3100 as market volatility has calmed after Iran launched a massive drone and missile attack against Israel that was mostly thwarted by air defense systems.

Bitcoin dropped below $62,000 over the weekend as geopolitical tension shook the markets. However, tension seems to have subsided, and this conflict will not escalate further as the U.S. has ruled out joining an Israeli counter-attack on Iran, according to Al-Jazeera.

Traders on Polymarket give a 4% chance of Israeli military action against Iran by April 15. This is down from nearly 57% in the immediate hours after Iran’s missile attack.

At the height of the tensions, PAXG, a tokenized gold digital asset created by Paxos, was trading at a 20% premium over its analog counterpart as crypto traders fled risk assets for the safety of the yellow metal.

Before the tension kicked off, the digital asset market had already been under immense selling pressure because of U.S. tax season, which also occurs in the run-up to the halving.

“Given that the halving occurs at a time when dollar liquidity is tighter than usual, it will add propellant to a raging firesale of crypto assets,” Arthur Hayes wrote in a blog post on the topic.

Traders are also anticipating the launch of bitcoin and perhaps ether ETFs in Hong Kong this week, giving traders in China easier access to digital assets exposure. Matrixport estimates that these ETFs could unlock up to $25 billion in demand.

Edited by Parikshit Mishra.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Read more about