Crypto Market Upheaval

The expected launch of Hong Kong’s first crypto futures ETF comes in a year the cryptocurrency industry has been weighed down by big blows, the latest being the collapse and bankruptcy of the crypto exchange, FTX. On top of that, in August, Bitcoin deposits on exchanges collapsed to a two-year low. In addition, the global market capitalization of the crypto industry sank below $1 trillion, which is down from a market cap of over $2 trillion at the start of the year.

However, despite these trends, a new study by Eurex, one of the world’s largest derivatives exchanges, found that institutional adoption of cryptocurrency is still on track this year.