HK Stock Market Move | Concept stocks of cryptocurrencies collectively declined, and the price of Bitcoin has recently experienced significant fluctuations. An unintentional mistake was discovered in the stablecoin circle in the United States.

Concept stocks of encrypted currencies collectively fell. As of the time of publication, MEMESTRATEGY (02440) fell by 4.36% to 2.63 Hong Kong dollars; GRANDSHORES (01647) fell by 4.3% to 0.089 Hong Kong dollars; OSL GROUP (00863) fell by 3.99% to 15.66 Hong Kong dollars; OKG TECH (01499) fell by 3.51% to 0.275 Hong Kong dollars. On the news front, at the Thursday New York closing, the CME Bitcoin futures BTC main contract fell by 3.10% compared to the Wednesday New York closing, approaching 108,000 US dollars. According to Wall Street News, the Bitcoin market is facing dual pressures. Options market data shows a surge in demand for put options, with traders willing to pay higher premiums to hedge against downside risks. Meanwhile, Bitcoin miners have deposited around 51,000 bitcoins to exchanges in the past week, the largest amount in months, possibly preparing for potential sales. In addition, according to financial association reports, around 3 am Beijing time on Thursday, a 300 trillion dollar stablecoin appeared out of nowhere in the cryptocurrency market and then disappeared in a short period of time. The well-known trading platform PayPal's cryptocurrency industry partner, Paxos, minted 300 trillion PayPal stablecoins PYUSD on the Ethereum blockchain, with a face value equivalent to 300 trillion US dollars. Trading records show that Paxos later minted 300 million PYUSD in accordance with regular operations. So the full details of this incident are not hard to guess: Paxos mistakenly minted 300 trillion instead of 300 million.