Hong Kong Stocks Movement: Cryptocurrency ETFs and Concept Shares Decline as Crypto Market Suffers "Bloodbath," Bitcoin Briefly Drops Below $76,000

Stock News02-02

Cryptocurrency ETFs and related concept stocks experienced declines. At the time of writing, Harvest Ethereum ETF (03179) fell 16.39% to HK$5.46; CSOP Ethereum ETF (03046) dropped 16.09% to HK$5.425; CSOP Bitcoin ETF (03042) decreased 6.87% to HK$9.425; and MEMESTRATEGY (02440) declined 4.95% to HK$1.73. On the morning of February 2, Bitcoin briefly fell below $76,000 per coin, representing a drop of approximately 40% from its peak in 2025. By the time of writing, Bitcoin had recovered to $77,225 per coin. According to a report on January 1, the cryptocurrency market experienced a "bloodbath" over the past 24 hours. Bitcoin saw a significant decline, with its intraday drop exceeding 7% at one point, falling to a low of $76,000; Ethereum, the second-largest cryptocurrency, fell over 11% at its lowest, touching $2,256. Brian Jacobsen, Chief Economist at a US wealth management firm, suggested that we might see further cryptocurrency selling in the coming days. Beyond cryptocurrencies, previously surging precious metals, including gold and silver, also faced heavy selling and a subsequent sharp price drop following former President Trump's announcement nominating Wash as the next Federal Reserve Chair.

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