OAX April Community Updates
In the fast-paced world of digital assets, April has shown some volatility as well as exciting developments that have captured our attention.
Bitcoin, the largest market cap digital currency, experienced a significant drop in its price earlier this month, triggered by geopolitical instability, causing the price to plummet and touch $59k. After the much-anticipated halving event on April 20th, Bitcoin’s price has recovered and is currently hovering above the $60,000 range.
The halving event has also sparked interest in Bitcoin layer 2 solutions. With increased trading activity and higher transaction fees on the Bitcoin network, layer 2 solutions like the Lightning Network are gaining traction. Tokens associated with Bitcoin layer 2s have even outperformed BTC since the halving, with coins such as STX, ELA, and SAVM showed impressive gains.
Spot Bitcoin exchange-traded funds (ETFs) remain to be a pivotal driver of liquidity to the industry. Standard Chartered, a prominent financial institution made a bold prediction that Bitcoin will still reach an impressive $150,000 per coin this year, despite recent negative factors including tension in the Middle East, higher Treasury yields, and a slowdown of Bitcoin ETFs inflow. While the initial wave of ETF buying may have subsided, further inclusion in broader macro funds is expected to drive future waves of investment.
Additionally, exciting news has just come in today from Hong Kong, where OAX Foundation is based, six spot Bitcoin and Ethereum exchange traded funds (ETFs) have just launched today. Earlier this month, Hong Kong’s Securities and Futures Commission approved three Spot Bitcoin ETF applications with China Asset Management, Harvest Global Investments, Bosera International and Hashkey being among the asset managers gaining regulatory approval to offer these ETFs, which is a good start to offer exposure for Asian investors to digital assets.
Industry experts are anticipating this move to bring around $1 billion in flows to the approved crypto funds within the first one or two years. The various launches of Spot Crypto ETFs has been one of the major focuses for the year so far and we have previously went in depth into the process and milestones in our ETF series, do take a look through our blog for the full recap. Meanwhile, you can also stay up to date on top digital asset prices including Bitcoin and Ethereum, as well as our recent addition of Bitcoin spot ETF prices via the Notifs app.
Earlier this month, a community poll was conducted to gauge your interest in the digital asset space, including topics on memecoin, ecosystem chains, spot crypto ETFs and bitcoin halving, here’s the infographic results based on your vote. As we’re always listening to your valuable feedback, we will be publishing articles to provide you with deeper insights in these areas, stay tuned!
If you haven’t noticed, we have also announced the launch of the OAX Foundation page! Now, followers can stay up to date with the latest news, events, and even fun IG Reels from the Foundation. As the cryptocurrency landscape continues to evolve rapidly, the Foundation remains committed to keeping the community informed and engaged. More updates, analysis, and deep dives to come in the month ahead.
OAX Team
Disclaimer: The above is an opinion piece written by an authorized author, but in no way represents the official standpoint of OAX Foundation Limited, nor should it be meant to serve as investment advice.
