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Eunice Xu

Hong Kong’s cryptocurrency investors remain cautiously optimistic despite a sharp market sell-off over the weekend that pushed major digital assets to months-long lows.
Bitcoin slid to US$74,541 on Monday morning, its lowest level in 10 months, extending a decline of about 40 per cent from its record high above US$126,000.
That peak had been fuelled in part by expectations of a more crypto-friendly stance from the Trump administration. Other major tokens also weakened, with Ethereum down more than 15 per cent since Friday evening and Solana down more than 12 per cent.
“This macro pressure has spilled heavily into crypto,” said Evan Auyang, group president of digital asset company Animoca Brands.
James Aitchison, founder of crypto hedge fund Caerus Global Management, said the initial trigger was a sharp sell-off in precious metals late last week, which spilled over into broader risk assets.
Aitchison said those moves were amplified by thin weekend trading volumes and bitcoin’s breach of the US$80,000 psychological threshold, adding that professional investors in Hong Kong largely viewed the volatility as “business as usual”.
However, he cautioned that bitcoin’s recent performance had raised questions about its status as “digital gold”, noting that it underperformed the precious metal despite a weakening US dollar.

Syed Musheer Ahmed, founder of fintech advisory firm FinStep Asia, said market sentiment could deteriorate if bitcoin fell below US$70,000 and triggered large-scale liquidations.
He also pointed to lingering investor unease following a market crash in October, when a US$19 billion liquidation event prompted accusations that technical issues and price discrepancies at Binance had exacerbated the sell-off – claims the exchange’s co-founder, Zhao Changpeng, had recently rejected.
Ahmed said he remained upbeat about Kevin Warsh’s nomination as US Federal Reserve chair.
“He is seen as being favourable towards bitcoin and crypto and this should be a positive for the market,” he said.
That view was echoed by Auyang, who said Warsh’s recent characterisation of bitcoin as a significant asset and a breakthrough in software development suggested a constructive long-term outlook for the sector, even if his broader policy stance was seen as hawkish.
“This might benefit alts [alternative assets] as the market stabilises in the midterm,” he said.
Kevin Lee, chief business officer at crypto exchange Gate, said investor sentiment in Hong Kong remained positive about the city’s ambition to become a Web3 hub.
“Hong Kong is well positioned due to the steady roll-out of its licensing regime and the expansion of a broader regulatory framework covering stablecoins, payment services, real-world asset tokenisation, custody and advisory services,” Lee said.
Hong Kong has continued to advance its digital asset agenda following the introduction of its stablecoin ordinance last August.
Financial Secretary Paul Chan Mo-po said at the World Economic Forum in Davos that the city’s first batch of stablecoin licences was expected to be issued in the first quarter of this year.
Regulators are also working on legislative proposals for two new licensing frameworks covering virtual asset over-the-counter trading and custodial services.
Lee said he expected next week’s Consensus conference to focus on real-world business use cases and institutional adoption rather than short-term price movements.
Organised by crypto news outlet CoinDesk, Consensus is one of the Web3 industry’s largest events and will return to Hong Kong next week after making its local debut last year.


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Hong Kong

Bitcoin’s steep pullback has rattled global crypto markets, but in Hong Kong clearer rules on stablecoins are underpinning confidence


Bitcoin’s steep pullback has rattled global crypto markets, but in Hong Kong clearer rules on stablecoins are underpinning confidence.


Hong Kong crypto investors stay cautious but upbeat as bitcoin sell-off deepens

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Bitcoin’s steep pullback has rattled global crypto markets, but in Hong Kong clearer rules on stablecoins are underpinning confidence

Bitcoin’s steep pullback has rattled global crypto markets, but in Hong Kong clearer rules on stablecoins are underpinning confidence