HK Movers | Crypto Stocks Sink With Boyaa Down 5%

Crypto stocks sank in Hong Kong. Boyaa Interactive, MemeStrategy, and IVD Medical fell 5%; OSL Group fell 4%; Sinohope Technology fell 3%.

The cryptocurrency market has taken a severe hit, with Bitcoin falling below the $100,000 mark and Ethereum dropping below $3,200, a 24-hour decline of over 7%. Some analysts believe the immediate catalyst for this sell-off is the cautious remarks from several Federal Reserve officials, suggesting the need for prudence in rate cuts. According to CME data, the probability of a rate cut in the futures market has plummeted from over 70% a week ago to around 50%.

Federal Reserve's Kashkari stated that he did not support the last rate cut decision by the Fed but has yet to decide on the appropriate action for the policy meeting in December; Fed's Mester indicated that given inflation remains above the Fed's 2% target, policymakers should be cautious about further rate cuts; and Fed's Harker mentioned that the Fed should maintain rates to continue reducing inflation.