The Hong Kong lawmaker and Web3 advocate said common law, open capital flows and ties to southern China give the city a unique role in global crypto markets.
Months after the Oct. 10 liquidation cascade, market depth has yet to recover, and traders are divided over Binance's role as bitcoin continues to crash.
The firm’s recent ETH purchases came just ahead of a sharp market slide, pushing unrealized losses past $6 billion as liquidity thinned and liquidations picked up.
Bitcoin sank to its lowest levels since April as profit-taking by early holders collided with thinning liquidity and a sharp drop-off in fresh capital.
The main impact of the price decline is slowing Strategy's ability to buy more bitcoin without diluting shareholders, as its stock now trades at a discount to its bitcoin holdings.
A severe winter storm has forced US miners to curtail operations, dragging bitcoin’s hashrate, output and miner margins to their weakest levels in months.
Long-term bitcoin holders are selling at the fastest pace since August, while some industry observers suggest the market may be approaching a bear-market bottom.