Reports suggest that China has been secretly backing Hong Kong’s ambitions to become the crypto hub of Asia.
Officials from mainland China have been visiting Hong Kong to watch the developments in the region’s crypto landscape.
Bitcoin and the broader cryptocurrency market delivered a strong comeback last week adding over $2100 billion to investors’ wealth. As of press time, Bitcoin is trading at $24,645 with a market cap of $475 billion. For now, $25,000 remains the crucial level of resistance for the BTC and it is important to surge past this level to continue the upward momentum.
The recent developments suggest that China is getting back into the crypto game, however, through the Hong Kong route. Earlier this week, reports came that Hong Kong is planning to allow retail traders to trade larger crypto coins such as Bitcoin and Ethereum.
In its consultation paper on Monday, February 20, the Securities and Futures Commission (SFC) spoke about this development of retail trader par

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