Hong Kong crypto investors stay cautious but upbeat as bitcoin sell-off deepens
Bitcoin’s steep pullback has rattled global crypto markets, but in Hong Kong clearer rules on stablecoins are underpinning confidence
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”.