HK Stock Market Move | Concept stocks of cryptocurrency plunged, with Bitcoin prices dropping sharply for two consecutive days, approaching the $81,000 mark during trading.

Concept stocks of cryptocurrencies lead the decline, as of press time, LINEKONG (08267) fell by 5.56%, trading at 0.34 Hong Kong dollars; OKG TECH (01499) fell by 2.13%, trading at 0.184 Hong Kong dollars; OSL GROUP (00863) fell by 1.41%, trading at 16.76 Hong Kong dollars. On the news front, on January 29th, the price of Bitcoin fell below the $85,000 mark for the first time in two months, dropping as much as 6.8% during the day, hitting a low of $83,240, the lowest since November 21 last year. Ethereum, Dogecoin, Cardano, and Solana all fell at least 7%. On January 30th, Bitcoin continued to approach $81,000, falling more than 4% intraday. Chris Newhouse, Head of Business Development at Ergonia, pointed out that the weak trend of the day highlighted the positioning of cryptocurrencies in the market, which often act as an "amplifier" for traditional risk assets. With tech stocks continuing to be under pressure, the digital asset market has further amplified the overall selling sentiment. At the same time, over-leveraged long positions were liquidated, creating mechanical selling pressure, putting additional pressure on the already fragile market.