Cryptocurrency-related stocks listed in Hong Kong experienced a significant decline on April 2, 2022, following a wider market sell-off in the virtual currency sector. Notable losses were observed in the share prices of China Fortune Holdings Limited (01647), OSL Digital Securities Limited (00863), Blue Interactive Entertainment Limited (08267), and Meitu Inc
Cryptocurrency-related stocks listed in Hong Kong experienced a significant decline on April 2, 2022, following a wider market sell-off in the virtual currency sector. Notable losses were observed in the share prices of China Fortune Holdings Limited (01647), OSL Digital Securities Limited (00863), Blue Interactive Entertainment Limited (08267), and Meitu Inc. (01357).
The cryptocurrency market witnessed a sudden crash on the morning of April 2, with the price of Bitcoin (BTC) plummeting below the $66,000 mark, representing a drop of over 6%. Ethereum (ETH) also faced a significant decline, with its price falling below $3,400, marking a decrease of more than 7%.
Specific Stock Performances
- China Fortune Holdings Limited (01647): The company's share price fell by 8.11%, closing at HK$0.068.
- OSL Digital Securities Limited (00863): OSL Group witnessed a decline of 5.53%, with its share price closing at HK$8.03.
- Blue Interactive Entertainment Limited (08267): Blue 's share price dropped by 4.11%, settling at HK$0.7.
- Meitu Inc. (01357): The company's share price experienced a loss of 1.52%, closing at HK$3.23.
Influencing Factors
- Market Correction: The decline in cryptocurrency prices triggered a broader sell-off in related stocks.
- Bitcoin ETF Outflows: According to data from HODL15Capital, Bitcoin spot ETFs witnessed net outflows of $88 million on April 1, with GBTC alone recording net outflows of $303 million.
- Bitcoin Halving Event: JPMorgan recently released a report highlighting the potential impact of Bitcoin's upcoming "halving" event in April. The report warns that the event could negatively affect the profitability of Bitcoin miners, potentially leading to a price drop to $42,000 per coin, representing a potential downside of over 36%.
The recent market correction in the cryptocurrency sector has adversely affected the share prices of related companies listed in Hong Kong. Investors should be cautious and monitor market developments closely.
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