Hong Kong Cryptocurrency Stocks Slump as Bitcoin Retreats Nearly 10% in One Month

Stock News15:50

Cryptocurrency-related stocks experienced widespread declines. At the time of writing, LINEKONG (08267) fell 12.5% to HK$0.245, while GOLDSTREAM INV (01328) dropped 10.86% to HK$2.71. HASHKEY HLDGS (03887) declined 7.35% to HK$4.54, and OKG TECH (01499) decreased 4% to HK$0.168. The downturn follows renewed weakness in digital assets amid ongoing geopolitical tensions in the Middle East. Bitcoin was trading near $68,000 at press time. Notably, since late February, when the U.S. and Israel launched strikes against Iran, Bitcoin had surged past $75,000 before pulling back nearly 10% by March 23. Analysts suggest that during emergencies, some investors sell Bitcoin to obtain fiat currency for purchasing essentials like flight tickets or daily necessities. Rising oil prices have also prompted certain groups to liquidate assets for liquidity. More critically, high leverage in derivatives markets has triggered a "death spiral"—where initial selling leads to price declines, forcing highly leveraged positions to liquidate, which in turn amplifies selling pressure.

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