Cryptocurrency ETFs plummeted across the board, with Bosera ethereum (03009) falling 27.51% to HKD 17.76, and Harvest ethereum (03179) falling 27.17% to HKD 5.615 as of the time of writing.
According to the China Securities News APP, cryptocurrency ETFs across the board have suffered heavy losses, with Bosera ethereum (03009) falling 27.51 percent to HKD 17.76, and Harvest ethereum (03179) falling 27.17 percent to HKD 5.615. Huaxia ethereum (03046) fell 27.34% to HKD 5.58. Huaxia bitcoin (03042) fell 15.06% to HKD 6.77.
In terms of news, the escalation of tension in the Middle East has led investors to sell risk assets such as bitcoin. Cryptocurrencies continue to fall, with bitcoin plummeting 5,004 US dollars during the day, and falling below 53,000 US dollars/coin at one point. Ethereum also plummeted 20.00% during the day, to $2,133/coin. In addition, there are reports that the US government may dispose of confiscated bitcoins, and that some creditors of the Mt. Gox exchange (already bankrupt) may sell their recovered tokens, putting further pressure on the price of bitcoin.
Some analysts believe that changes in market expectations are an important factor behind the volatility in bitcoin prices. After the Federal Reserve announced its decision to keep interest rates unchanged and hinted at future rate cuts, the market may have already priced in this positive news. In addition, the Bank of England's interest rate cut failed to boost market confidence, further exacerbating market uncertainty. Last Friday's unexpected rise in US unemployment to 4.3%, higher than the Fed's year-end forecast, has also triggered the Sam recession indicator.