Maybe there is no accurate news yet on what Hong Kong can do with crypto? But we welcome it because there are changes, although not on a large scale, which have provided a breath of fresh air regarding the activities that can be carried out there. Maybe this is the first step before there will be more movement later, but there have been improvements in the ban so far. I think that one day China will be able to accept it again after regulating its regulations properly.
Legally, Hongkong belongs to China and is heavily influenced by Chinese law. It is quite unusual that China bans crypto while Hongkong accepts it. Therefore, I believe that Hongkong is where China is conducting crypto experiments to see the impact of crypto on the economy and society. The recent launch of regulations and BTC & ETH Spot ETFs in Hongkong has confirmed China's positive view of crypto.
I hope that we will continue to have good news from Hongkong and soon see China accept crypto mining, trading, and investment activities within this cycle. In addition to the US presidential election event, money flow from Chinese investors could be the driving force behind a major bullrun.
What you say is also true, because Hong Kong was brought about by the Chinese authorities and indirectly gave a signal that they were willing to accept it, but perhaps they wanted to use Hong Kong for initial experiments before directly accepting it in all mainland China. Yes, maybe this is just a trick from them so as not to be embarrassed because they have banned it before, but it doesn't matter that with China's return to crypto trading, of course, there will be a big shock effect on crypto after the halving period is over.
Because China is known as one of the largest crypto-transaction centers.
Hopefully the second ATH will be a surprise. Along with the announcement that China will receive it in full, we will wait for the good news.