Cryptocurrency ETFs and Related Concept Stocks Fall Across the Board, OKEx Blockchain Plunges Over 7%

Cryptocurrency ETFs and Related Concept Stocks Fall Across the Board, OKEx Blockchain Plunges Over 7%Smart Finance App learned that cryptocurrency ETFs and related concept stocks fell across the board. As of press time, OKEx Blockchain (01499) dropped 7

Cryptocurrency ETFs and Related Concept Stocks Fall Across the Board, OKEx Blockchain Plunges Over 7%

Smart Finance App learned that cryptocurrency ETFs and related concept stocks fell across the board. As of press time, OKEx Blockchain (01499) dropped 7.69% to HK$0.168; Xiong'an Technology (01647) fell 4.63% to HK$0.103; China Asset Management Ether (03179) declined 5.6% to HK$6.065; and Huaxia Ether (03046) dropped 5.49% to HK$6.02.

News: On November 1st, Bitcoin fell below $70,000. Previously, the market was wildly betting on the "Trump Trade," driving Bitcoin prices above $73,000, nearing its historical high. Market analysts believe the decline in Bitcoin is mainly due to changes in overall market risk appetite, the impact of US macroeconomic data, and some profit-taking.

It's worth noting: The outcome of the US presidential election will have a significant impact on virtual asset prices. Recently, market expectations of a Trump victory have been rising, triggering a wave of "Trump trades" that boosted risk assets, including Bitcoin. However, as the election approaches, market uncertainty about the election results is also increasing, leading to some decline in investor confidence in risk assets.

Furthermore: US macroeconomic data has also impacted Bitcoin price trends. Recently released US economic data has been disappointing, raising concerns about the US economic recovery and leading to a decline in risk appetite.

At the same time: After a significant surge in Bitcoin prices recently, profit-taking has also occurred. Some investors have chosen to cash out at high prices, leading to a correction in Bitcoin prices.

In the coming days: The market will pay closer attention to the impact of the US presidential election news on virtual asset prices. If Trump wins, the market may become more optimistic about risk assets, and Bitcoin prices could rebound. However, if Biden wins, the market may become more cautious about risk assets, and Bitcoin prices could continue to decline.

In conclusion: The cryptocurrency market is currently facing multiple factors, and its future trend remains uncertain. Investors need to carefully observe market dynamics and invest rationally.