Rumblings of a crypto race

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At least that’s what the US President said Donald Trump I suggest you follow him Meeting last Thursday With the Chinese President Xi Jinping – commerce Negotiation It is closely monitored around the world.

“I want to make Crypto is great for America“, Trump He told CBS News. “In the same way that we are number one in AI, we are also number one in cryptocurrency. And I want to keep it that way.”

“I don’t want China or anyone else to take it,” he said.

Whether or not Trump truly views Beijing as a serious threat, his comments come as China is sending new signals about its cryptocurrency ambitions. Beijing has Blocked local crypto transactions Since 2021, while Hong Kong, a special administrative region of China, has maintained a managed system that encourages the development of digital assets.

Monday Hong Kong Its restrictions were eased Beyond that – let it Licensed virtual asset trading platforms To connect directly with global cryptocurrency exchanges and list new digital assets and stablecoins regulated by Hong Kong, ditching the need for a 12-month track record.

The announcement coincided with the 10th state-organized FinTech Week in Hong Kong, which opened just as South Korea’s political and business scene began to fade.

Hong Kong was quick to follow Washington’s lead, allowing this Spot track exchange traded funds Last year, it went one step further by approving Ethereum ETFs to trade for about three months Before the United States an act.

Bitcoin, often likened to digital gold, remains the most popular cryptocurrency. Ether, another major digital currency On the Ethereum network, it is used for payments and as “gas” to pay for computations and run smart contracts on decentralized applications.

Co-CEO of the Ethereum Foundation, Tomasz K. Stanczak, speaking at the Digital Assets Forum on Sunday on the sidelines of Hong Kong FinTech Week, noted that it is more than… 60% of stablecoins Cryptocurrencies pegged to government-issued currencies are published on the Ethereum network.

Of the roughly 300 attendees, nearly 70% came from traditional financing, according to Gavin Wang, chief investment officer at SNZ Holdings, a digital asset investment firm that helped organize the forum.

Wang, who previously worked at UBS, said this contrasted with the way such events were attracting more software developers. The forum also announced the “Ethereum Hong Kong Hub,” a co-working space to incubate related startups, reflecting the city’s growing influence as Asia’s cryptocurrency gateway.

Even major players in the industry are taking notice. Consensus, one of the world’s largest cryptocurrency conferences in North America, has expanded to include Hong Kong for the first time this year, and plans to return in 2026.

However, digital assets remain relatively nascent compared to traditional markets. The total value of cryptocurrencies has not yet exceeded $4.5 trillionGlobal stock markets are still much larger in… $101.52 trillion.

Bitcoin has fallen sharply in the past few weeks following concerns about escalating trade tensions between the US and China and superficial valuations for AI stocks, It briefly dipped below $100,000 For the first time since late June.

“My assumption is it’s almost the same group [investors] “The shift is around AI and cryptocurrencies. Once AI calms down a little bit, I think cryptocurrencies will come back,” said Jason Huang, co-founder of NextGen Digital Venture (NDV), an Asia-based fund that invests in cryptocurrencies and related stocks.

Hwang’s $100 million fund rose 375.5% in the two years to March 2025 — outperforming Bitcoin by more than 60% over that period — and he is now launching a second fund. Many of his investors are wealthy Chinese, he said, adding that subscriptions have increased despite the recent sell-off.

According to Huang, his fund fell by at least 10% last month, despite the decline Which he said was the biggest liquidation day for cryptocurrencies, even surpassing the infamous FTX exchange collapse.

The US dollar accounted for just under half of global payments by value in September, followed by the international financial messaging service SWIFT, while the Chinese yuan rose one place to fifth place with… 3.17% share.

Last week, China’s central bank governor Pan Gongsheng promoted the plan Digital yuantaking a more conservative view of stablecoins than many expected, reaffirming Beijing’s longstanding restrictions on stablecoins. Speculative trading in virtual currencies.

However, Bitcoin’s blockchain data showed China remains a major playerRanking third in Bitcoin mining activity globally – behind the United States and Russia.

This is not a statistic Trump is likely to ignore. Forbes estimates that the US President himself owns approximately $870 million in Bitcoin, which is one of the global currencies. The largest personal caches.

— CNBC’s Annick Pauw contributed to this report.

The United States and China reach a one-year trade truce. If it is the latest Trade agreement between the United States and China This has been concluded, tariffs are expected to remain low, and widespread disruptions to rare earth trade are unlikely over the next 12 months.

Nvidia in China. As the chipmaker remains largely locked out of a $50 billion market, CEO Jensen Huang acknowledged Friday that “China doesn’t want H20 or any American chips.”

Factory activity in China has declined. The official Purchasing Managers’ Index and its counterpart in the private sector showed a level Manufacturing declines in October From September amid US trade tensions.

November 6 – 9: “Six Little Dragons” in China Artificial Intelligence startups hold a roundtable During the World Internet Conference in Wuzhen

November 7: Exports and imports for October

November 9: CPI and PPI for October