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Professional Bitcoin traders displayed strength after the BTC price corrected to $25,830, favoring further bullish momentum. Bitcoin’s (BTC) price declined for 8 consecutive days until May 13, totaling a 9.4% correction. The last time such a losing streak happen ed was on June 14, 2022, after the Celsius lending platform halted withdrawals and FUD emerged from U.S. software firm MicroStrategy’s loan being liquidated at $21,000. Nothing remotely similar happen ed as Bitcoin retested the $25,800 support on May 12, apart from the network congestion and increased transaction fees. Traders and analysts speculated that a coordinated attack was aimed at causing network instability. Bitcoin is under DoS attack. High transaction fees are the chosen pain point by the attacker, probably to makes bitcoin unusable for smaller players. pic.twitter.com/0J56liNSGf — iris.to/jogi (@proofofjogi) May 7, 2023 As pointed out by investor and Bitcoin activist proofofjogi, high fees likely make the ne...

With the Hong Kong Stock Exchange being the only regulated exchange in Asia offering Bitcoin futures ETFs, some believe spot crypto ETF products will soon be allowed. Hot on the heels of its Bitcoin (BTC) futures exchange-traded fund (ETF) in Hong Kong, Samsung Asset Management has indicated it's considering the launch of a spot Bitcoin ETF on the city's exchange if policies allow for it. In an interview with Bloomberg published on Jan. 13, Hong Kong chief executive for Samsung Asset Management, Sam Park, said: “It really depends on how policy is going to be developed,” adding that the Hong Kong administrators are “clearly” interested in developing the city into a crypto hub. An ETF analyst at Bloomberg Intelligence, Rebecca Sin, noted that “Hong Kong is well positioned to become Asia’s crypto gateway,” and expects spot Bitcoin and Ether (ETH) products to be allowed there by the year's end. A spot market refers to a market where the exchange of financial instruments is set...