Market Insight | Bitcoin concept stocks surge, Xun'an Technology rises more than 7% as Bitcoin breaks through $66,000 in the short term

Concept stocks related to Bitcoin surged. As of the time of publication, Xiongan Technology rose by 7.46% to HKD 0.072; New Fire Technology Holdings rose by 5.56% to HKD 2.85; OSL Group rose by 5% to HKD 10.08; and Meitu Inc. rose by 2.74% to HKD 3. On the news front, Bitcoin broke through $66,000 per coin on Monday, the first time since April 15. At 8:09 on April 20, Bitcoin successfully completed its fourth halving at block height 840,000, reducing mining rewards from 6.25 BTC to 3.125 BTC. The last halving occurred on May 11, 2020. Analysts at JP Morgan believe that Bitcoin is likely to face pressure in the short term due to overbuying in the market. Nansen research analysts, on the other hand, stated that the price return of Bitcoin after halving is generally higher. Within 250 days after halving, the return is five to six times that of other years. The analyst believes that the current macroeconomic situation in the United States is forcing risk assets, including cryptocurrencies, to adjust, but the upward trend of Bitcoin remains unchanged