Crypto’s $2 Trillion Crash Hasn’t Dimmed Outlook in Hong Kong

Crypto markets are in disarray.

Bitcoin was hovering at about $67,000 as of 7:00 a.m. in London on Thursday, down about 47% from an October peak. So-called altcoins, the vast swathes of smaller, highly speculative tokens at the market’s fringes, have fared even worse. Liquidity is perilously patchy. Listed firms that had hoarded tokens are under pressure. And even South Koreans — a longstanding bastion of support for crypto’s riskiest trades — are turning their attention elsewhere.

Yet at the Consensus conference in Hong Kong, the mood was upbeat. Executives at some of the biggest digital-assets exchanges ...