Hong Kong Stock Market Movement | Bitcoin plunges below $97,000, cryptocurrency ETFs and related concept stocks fall
Zhitong Finance APP learned that cryptocurrency ETFs and related concept stocks fell across the board. As of press time, Xiong'an Technology (01647) fell 9.68% to HK$0.084; Linekong Interactive (08267) fell 3.92% to HK$0.49; Huaxia Bitcoin (03042) fell 4.64% to HK$11.92; Harvest Bitcoin (03439) fell 4.9% to HK$12.03.
On the news front, Bitcoin plunged again after a brief return to $100,000, and has now fallen below the $97,000 mark. As of press time, Bitcoin was at $96,898 per coin, down nearly 5% on the day. The United States released a series of economic data, showing that the U.S. ISM non-manufacturing PMI data was better than expected, and the market cut its bets on interest rate cuts. Separately, a top technical strategist warned that Bitcoin’s post-election rally has faded and the cryptocurrency could soon see a multi-week sell-off.
Job data shows limited rate cuts
The JOLTS jobs report showed job openings rose by 259,000, suggesting a resilient U.S. labor market. In addition, the ISM services price PMI pointed to strong economic strength, reducing expectations of a sharp Fed rate cut in 2025.
Dollar index and Treasury yields surged
The dollar index (DXY) rebounded sharply above 108.50, with the 10-year Treasury yield hitting a 35-week high of 4.68%. The surge weighed on Bitcoin, which saw trading interest decline despite a 27% increase in trading volume over the past day.
