Bitcoin Dips Below $120K, Crypto Stocks Take a Hit Across Global Markets

TradingKey

AuthorBlock Tao

Jul 29, 2025 6:29 AM

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TradingKey – Bitcoin’s continued price softness is dragging down crypto-linked equities across both U.S. and Hong Kong markets.

On Tuesday, July 29 (Asia time), Bitcoin (BTC) remained under pressure, trading at $118,760, stuck below the $120,000 resistance level. Despite holding within the $115K–$120K range, both lower highs and lower lows are forming, indicating bearish dominance.

1-Hour BTC Price Chart – Source: TradingView

Crypto Stocks Slide in U.S. Markets

On Monday (U.S. time), several crypto-related stocks saw sharp declines:

BitMine Immersion (BMNR): -11%
Canaan Inc. (CAN): -8%
SharpLink Gaming (SBET): -5%
Circle (CRCL) and Coinbase (COIN): -3%+

Hong Kong Crypto Stocks Follow Suit

During Tuesday’s Asia session, Hong Kong-listed crypto concept stocks also fell:

Victory Securities (HK.08540) and Delin Holdings (HK.01709): -4%+
Yika (HK.09923) and ZhongAn Online (HK.08540): -3%+
Boyaa Interactive (HK.00434) and Leading Biotech (HK.00399): also declined

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