Understanding the Market | Bitcoin plunges below $97,000, cryptocurrency ETFs and related concept stocks decline

Zhitong
2025.01.08 02:16
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Cryptocurrency ETFs and related concept stocks have all fallen sharply. As of the time of writing, Xiong'an Technology is down 9.68%, trading at HKD 0.084; Blueport Interactive is down 3.92%, trading at HKD 0.49; Huaxia Bitcoin is down 4.64%, trading at HKD 11.92; and Harvest Bitcoin is down 4.9%, trading at HKD 12.03. In terms of news, Bitcoin briefly returned to USD 100,000 before showing a sharp decline again, now falling below the USD 97,000 mark. As of the time of writing, Bitcoin is priced at USD 96,898 per coin, down nearly 5% for the day. The United States has released a series of economic data, showing that the ISM Non-Manufacturing PMI data is better than expected, leading the market to reduce interest rate cut bets. Additionally, a top technical strategist previously warned that Bitcoin's upward momentum after the election has weakened, and this cryptocurrency may soon experience a sustained sell-off lasting several weeks

According to Zhitong Finance APP, cryptocurrency ETFs and related concept stocks have all fallen sharply. As of the time of writing, Xiong'an Technology (01647) is down 9.68%, trading at HKD 0.084; Blueport Interactive (08267) is down 3.92%, trading at HKD 0.49; Huaxia Bitcoin (03042) is down 4.64%, trading at HKD 11.92; and Harvest Bitcoin (03439) is down 4.9%, trading at HKD 12.03.

In terms of news, Bitcoin has once again plummeted after briefly returning to USD 100,000, now falling below the USD 97,000 mark. As of the time of writing, Bitcoin is priced at USD 96,898 per coin, down nearly 5% for the day. The United States has released a series of economic data, showing that the ISM Non-Manufacturing PMI data is better than expected, leading the market to reduce interest rate cut bets. Additionally, a top technical strategist previously warned that Bitcoin's upward momentum after the election has weakened, and this cryptocurrency may soon experience a sustained sell-off for several weeks

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