Understanding the Market | Cryptocurrency-related concept stocks strengthen, SINOHOPE TECH rises 13%, OKG TECH rises over 3%
Cryptocurrency-related concept stocks are strong. As of the time of writing, SINOHOPE TECH rose 13% to HKD 7.37; OKG TECH rose 3% to HKD 0.6; LINEKONG rose 7.25% to HKD 0.74. On the news front, on August 14, Bitcoin briefly broke through USD 124,000, setting a new historical high. In addition, Ethereum rose to USD 4,735, increasing over 3% in the past 24 hours. For most of the past year, Bitcoin has been steadily rising, benefiting from the Washington-friendly legislative environment brought by former U.S. President Trump. Trump previously issued an executive order directing the Department of Labor to explore allowing 401(k) plans to hold cryptocurrencies and other alternative assets, which could expand demand for cryptocurrencies. Other analyses suggest that the current rise in cryptocurrencies is due to weakening market confidence in the U.S. dollar. With U.S. inflation expectations declining and expectations for Federal Reserve interest rate cuts rising, the dollar's control in the global market seems to be weakening, benefiting alternative assets like Bitcoin
According to Zhitong Finance APP, cryptocurrency-related concept stocks are performing strongly. As of the time of writing, SINOHOPE TECH (01611) is up 22%, trading at HKD 7.93; OKG TECH (01499) is up 12.07%, trading at HKD 0.65; LINEKONG (08267) is up 11.59%, trading at HKD 0.77.
On the news front, on August 14th, Bitcoin briefly surpassed USD 124,000, setting a new historical high. Additionally, Ethereum rose to USD 4,735, gaining over 3% in the past 24 hours. For most of the past year, Bitcoin has been steadily rising, benefiting from the Washington-friendly legislative environment brought by U.S. President Trump. Trump previously issued an executive order directing the Department of Labor to explore allowing 401(k) plans to hold cryptocurrencies and other alternative assets, which could expand demand for cryptocurrencies. Other analyses suggest that the current rise in cryptocurrencies is due to a weakening confidence in the U.S. dollar. As U.S. inflation expectations decline and expectations for Federal Reserve interest rate cuts increase, the dollar's control in the global market seems to be weakening, benefiting alternative assets like Bitcoin
