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