Exactly Why Alternative Coins Were Floundering on Monday

Has the cryptocurrency crash ended? Maybe so, but altcoins looked better following huge booking losses last week.  

Many had small losses on Monday, with others going venturing reaching positive territory. Chainlink (CRYPTO: LINK) fell slightly in late afternoon trading, while The Sandbox (CRYPTO: SAND) traded sideways. VeChain (CRYPTO: VET) gained 3.5% and Litecoin (CRYPTO: LTC) 0.5%.  

Large Asian market approves spot crypto ETFs Most geopolitical events affect financial markets, including cryptocurrency. As of late afternoon Monday, the situation appeared to be stabilizing after Iran's attack on Israel raised concerns about the volatile Middle East.  

A more obvious source of cautious optimism was the apparent acceptance of spot crypto ETFs in Hong Kong, a major Asian financial market. Asset managers reported the enclave's Securities and Futures Commission (SFC) approved its first Bitcoin and Ethereum spot ETFs that day, but it was unknown how many.  

The move followed the U.S. SEC's approval of such securities in January, which spurred Bitcoin and numerous altcoin prices. Crypto bulls were right to expect altcoin ETF approvals if the SEC approves Bitcoin ETFs.  

This happened the week Bitcoin was predicted to halve again. Halving reduces Bitcoin mining payouts by half, helping control the coin's limited supply. Due to Bitcoin's history of rising following halving, investors have rushed into it in recent weeks.  

Watch Hong Kong soon. Most investors were wary as the trading week began. Remember that several of the leading cryptos have climbed strongly year-to-date, and people worry that they've gotten too high.  

However, currency and token interest is high, so a rally may be coming. If Hong Kong spot crypto ETFs are as popular as the U.S., they might boost crypto prices again.  

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