Bitcoin Breaks $80,000, Hong Kong Crypto Stocks Surge
Bitcoin Breaks $80,000, Hong Kong Crypto Stocks SurgeFueled by Bitcoin's surge past the $80,000 mark, Hong Kong-listed cryptocurrency concept stocks are experiencing a rally. As of press time, OKEx Technology Group (01499
Bitcoin Breaks $80,000, Hong Kong Crypto Stocks Surge
Fueled by Bitcoin's surge past the $80,000 mark, Hong Kong-listed cryptocurrency concept stocks are experiencing a rally. As of press time, OKEx Technology Group (01499.HK), Meitu (01647.HK), Meituan (01357.HK), and OSL Group (00863.HK) have risen by 17.78%, 11.79%, 3.82%, and 3.61%, respectively.
Bitcoin breached the $80,000 threshold for the first time on Sunday and continued its ascent on Monday, reaching a record high of $81,704 per coin. The recent gains in Bitcoin have been linked to the US election. Following Trump's announcement of his 2024 presidential bid, the market's reaction to Bitcoin has been interpreted as the so-called "Trump trade."
During his campaign, Trump expressed support for digital assets and pledged to make the US the global cryptocurrency hub, establish a strategic Bitcoin reserve, and appoint pro-digital asset regulators if he returns to the White House. These policy stances have bolstered market confidence in Bitcoin's future prospects, leading to expectations of greater growth for the digital asset market under a more favorable regulatory environment.
Furthermore, major financial institutions, including BlackRock, have increased their Bitcoin holdings. BlackRock's iShares Bitcoin Trust has accumulated approximately $16.9 billion worth of Bitcoin, indicating persistent institutional demand.
Stocks tied to cryptocurrency prices have also seen a boost. Cryptocurrency trading platform Coinbase surged 48% last week, marking its best weekly performance since January 2023. Coinbase is one of the largest corporate donors in this election cycle.
Some analysts are starting to predict the cryptocurrency could reach $100,000 this year. James Butterfill, head of research at CoinShares, recently stated that with Trump's victory and the Republican majority in the Senate, pushing for "the expected lenient regulatory framework" becomes easier, making Bitcoin reaching $100,000 a 33% increase "now very likely."
Tag: Bitcoin Breaks Hong Kong Crypto Stocks Surge
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