Understanding the Market | Cryptocurrency concept stocks lead the decline, BOYAA drops over 8%, Bitcoin's plunge drags down the crypto market
Cryptocurrency concept stocks fell sharply. As of the time of publication, BOYAA dropped 8.74%, trading at HKD 7.1; OKG TECH fell 7.69%, trading at HKD 0.36; LINEKONG decreased by 5.63%, trading at HKD 0.67; and OSL Group declined 4.57%, trading at HKD 16.5. On the news front, on Tuesday, the CME Bitcoin futures BTC main contract fell 2.78% compared to Monday's New York close, dropping below USD 123,000. The CME Ether futures DCR main contract fell 4.67%, trading at USD 4,542. The plunge in Bitcoin has dragged down cryptocurrency and related concept stocks. Analysts stated that after Bitcoin reached a new high, a pullback occurred as traders took profits, with the previous upward trend driven by institutional demand, favorable macroeconomic conditions, and seasonal momentum
According to the Zhitong Finance APP, cryptocurrency concept stocks have seen significant declines. As of the time of publication, BOYAA (00434) fell by 8.74%, trading at HKD 7.1; OKG TECH (01499) dropped by 7.69%, trading at HKD 0.36; LINEKONG (08267) decreased by 5.63%, trading at HKD 0.67; and OSL Group (00863) fell by 4.57%, trading at HKD 16.5.
On the news front, on Tuesday, the CME Bitcoin futures BTC main contract fell by 2.78% compared to Monday's New York close, dropping below USD 123,000. The CME Ether futures DCR main contract declined by 4.67%, trading at USD 4,542. The plunge in Bitcoin has dragged down cryptocurrency and related concept stocks. Analysts indicate that after Bitcoin reached a new high, a pullback occurred as traders took profits, with the previous upward trend driven by institutional demand, favorable macroeconomic conditions, and seasonal momentum
