South Korea is paving the way for Asia’s first spot Bitcoin ETF

South Korea is a hub of Crypto & blockchain technology. Under the strict rules & laws, crypto trading is fully legal in this country. Also, the current ruling government party of this country has soft stances toward this innovative sector. Notably strict laws of this country allow only a limited number of companies to provide full crypto-fiat services.

As per several media reports, the South Korean government agencies are planning for a vote on allowing spot Bitcoin ETFs in June.

If all these reports are true, then surely it will be a very big step by the South Korean government toward Bitcoin adoption. 

Many crypto enthusiasts considered this news not a strange move, as already the South Korean Democratic Party promised citizens to allow exposure to the US Bitcoin spot ETF products, just before the elections in April.

Following all such reports, many Bitcoin enthusiasts said that the $80k level for Bitcoin is coming. 

At the time of writing this article, the trade price of Bitcoin is $62,500 & this trade price is 2.2% down over the last 24 hours. 

Popular Bitcoin analyst Rekt Capital noted that the patterns followed by Bitcoin showed that we are currently 63% away from the big bull phase.

Furthermore, the Bitcoin analyst also noted that Bitcoin has been staying around $60,000 to $70,000 for almost two months now. This means the cycle of its price going up quickly has slowed down a bit, from happening every 260 days to now taking around 210 days. 

Read also: US CFTC chair says enforcement actions against crypto companies coming