Hong Kong Stocks Movement | Bitcoin-Related Shares Lead Declines with HASHKEY HLDGS (03887) Down Over 24% and OKG TECH (01499) Falling More Than 12%

Stock News03-09

Bitcoin-related stocks were among the top decliners in Hong Kong trading. At the time of writing, HASHKEY HLDGS (03887) dropped 20.6% to HK$4.78, while OKG TECH (01499) fell 12.06% to HK$0.175. LINEKONG (08267) also declined 7.69% to HK$0.30. Market sentiment was influenced by rising energy prices due to Middle East tensions, which prompted a reassessment of inflation risks and reduced expectations for interest rate cuts. A research report noted that the Crypto Fear & Greed Index stood at 18 this week, indicating that market sentiment remains in extreme fear territory. Although trading activity showed slight improvement, options markets reflect a bearish outlook for the next month. It is worth noting that significant volatility in the Bitcoin market has increased profitability pressure on mining companies, with some high-energy-consumption mining rigs approaching breakeven levels.

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