Hong Kong opened its doors to the market with the listing of the world's first Bitcoin and Ethereum ETF, which was launched at 09:30 local time. According to the HKEX website, Asia's first 14 cryptocurrency ETFs are being traded.

Three ETF issuers have listed the product - China Asset Management, Bosera Asset Management, and Harvest Global Investments with the ticker symbols CAM, BOS, and HGI respectively.

China Asset Management CEO Zhu Haokang believes Hong Kong's launch date will be bigger than America's. "I am very confident that the initial listing size of the Hong Kong virtual asset ETF (over $125 million) could exceed the first-day issuance size in the United States."

Bitcoin price hit an intraday high of $64,555 shortly before launch but has dropped to $63,400 at press time. Ethereum, which hit an intraday high of $3,244, also fell sharply at the time of its launch, falling to $3,148 before showing signs of recovery.

However, it is still too early to evaluate the impact of the Hong Kong ETF on the cryptocurrency market after just one hour of launch.