Hong Kong Crypto Stocks Drop After China Signals Stablecoin Crackdown
Hong Kong–listed companies tied to crypto and stablecoin services fell sharply after the PBOC warned that stablecoins still fail to meet regulatory and AML standards.
📉 Key points: • Several crypto-related stocks dropped 5–10% in early trading. • Market reaction shows investors expect tighter oversight ahead. • Regulators clarified that stablecoins remain a “high-risk” sector.
Toncoin has reached a strong support area around $1.50–$1.70, where buyers have previously stepped in multiple times. This is a key demand zone, and TON still maintains a broader bullish structure despite the deeper correction.
Technical view: • Price is consolidating inside a demand zone — early signs of stabilization are visible. • A breakout and close above $1.85–$1.90 may open the way toward $2.20–$2.50. • My potential target range going into summer is $2.3–$2.5, assuming volume recovery and trend continuation. • Invalidation: a move below the local support low.
Why the level is interesting: For those with spare liquidity, this area offers a favorable risk-to-reward setup. TON is still trading far below its previous highs, leaving room for growth if market sentiment improves.
My view: I like the $1.50–$1.70 zone as a long-term support. If TON holds this area and demand returns, a move toward $2.5 is realistic.
Here’s how I see the current BTC setup on the 1H timeframe:
• Price has reached a key Higher Low level around $86,800 — an important zone for potential structural reversal. • If BTC breaks above this level and closes confidently, it would signal a structure break to the upside. • After confirmation, I expect a correction that could provide a long entry toward the $90,000 target zone. • Invalidation comes if price drops below the local corrective low.
My view: BTC is showing early signs of strength, but confirmation above $86,800 is crucial. I’m watching for a clean retest before looking for a long setup.