Three significant developments have stirred the market. Firstly, the US inflation rate exceeded expectations. Secondly, BTC has begun to exhibit price fluctuations ahead of the Halving event. Thirdly, there is a high probability of Hong Kong approving the Spot Bitcoin ETF, marking it as the first Asian nation to do so. This final update could trigger a chain reaction, prompting other Asian countries to follow suit.

In terms of the US Consumer Price Index (CPI), it surged to 3.5% in March compared to February's 3.2%, surpassing the anticipated 3.4%. This suggests a potential adjustment in the Federal Reserve Bank's rate-cutting strategy, with the likelihood of a third cut by the year's end diminishing by 50%. Initially, six cuts were anticipated in 2024. Consequently, major US stock indices, including Nasdaq, S&P 500, and Dow Jones, experienced a 1% decline at Wednesday's market close. Additionally, gold, silver, and other precious metals retraced to lower values instead of displaying robust performance.

Bitcoin has experienced significant impacts, initially dropping to nearly $67,500 upon the release of data. However, fluctuations persist, and its value has now surpassed the $70,000 mark. Currently, BTC is showing a modest increase of 0.28% over the past 24 hours, trading at $70,759.08. Speculation is rife that Bitcoin may reach its all-time high (ATH) before the Halving event, tentatively scheduled for April 20, 2024.

Arthur Hayes, Co-Founder of BitMex, has endorsed the ongoing fluctuations in Bitcoin's value. He suggested that price corrections may occur before the Halving, expressing confidence in a potential slump around that time. Nevertheless, Hayes acknowledged the historical precedent of Bitcoin Halving sparking price surges.

Analysts have projected Bitcoin's price to potentially reach as high as $150,000, surpassing the earlier forecast of $100,000 by year-end.

Additionally, Asia appears poised to enter the realm of the Spot Bitcoin ETF, with Hong Kong anticipated to finalize its development and make it public in the coming week. Approval from Hong Kong would mark it as the first Asian nation to do so, potentially paving the way for neighboring countries to follow suit.

Notably, prominent applicants for the Bitcoin ETF include Harvest Fund Management and Southern Fund, significant asset managers from China, where cryptocurrency trading and mining were previously banned.