Investors in the largest cryptocurrency have had a bumpy ride over the summer. Bitcoin sank to below US$54,000 ($72,603) in early July before optimism around pro-crypto Donald Trump’s chances of reassuming office fueled a recovery. The token was trading at US$67,234 as of 3.12pm in Hong Kong on Monday.
Hong Kong will play host to a new type of Bitcoin exchange-traded fund allowing investors to bet against the original cryptocurrency even as it rallies on US President Joe Biden’s decision to abandon his re-election bid.
CSOP Asset Management Ltd. will launch the Asia-Pacific region’s first crypto-linked inverse ETF — the CSOP Bitcoin Futures Daily (-1x) Inverse Product — in Hong Kong on Tuesday morning, according to the firm’s chief executive officer Ding Chen.
