Market Insight | Meitu Corporation falls more than 5%, leading the decline in Bitcoin concept stocks. Bitcoin once fell below $60,000. Large institutions believe that the halving effect has already been priced in
Concept stocks related to Bitcoin collectively fell. As of the time of publication, Meitu Inc. fell by 4.95% to HKD 2.88; OK Group fell by 3.7% to HKD 0.26; OSL Group fell by 3.13% to HKD 9.3; Blueport Interactive fell by 1.54% to HKD 0.64. On the news front, earlier on Wednesday, the price of Bitcoin once plummeted to $59,900, hitting the lowest level since March; Ether also fell below $3,000 during the same period, with a 2.5% drop in 24 hours. Glassnode data shows that Bitcoin has dropped more than 15% from its recent all-time high, while some altcoins have fallen back by 40%-50% from their recent highs. In addition, the latest halving of Bitcoin is expected to take place around April 20. The head of Crypto.com exchange stated that as the so-called halving date approaches, selling pressure on Bitcoin may become evident, but in the long run, this event will support the price of this largest digital asset. J.P. Morgan and Deutsche Bank believe that the positive impact of the upcoming software update "halving" that occurs every four years for Bitcoin has already been largely reflected in the price
According to the information from the Wise Finance APP, stocks related to Bitcoin concept collectively declined. As of the time of publication, Meitu Inc. (01357) fell by 4.95% to HKD 2.88; OK Group (01499) fell by 3.7% to HKD 0.26; OSL Group (00863) fell by 3.13% to HKD 9.3; Blueport Interactive (08267) fell by 1.54% to HKD 0.64.
On the news front, earlier on Wednesday, the price of Bitcoin once plummeted to $59,900, hitting the lowest price since March; during the same period, Ethereum also dropped below $3,000, with a 2.5% decrease within 24 hours. Glassnode data shows that Bitcoin has dropped more than 15% from its recent all-time high, while some altcoins have fallen back by 40%-50% from their recent peaks.
Furthermore, the most recent Bitcoin halving is expected to take place around April 20th. The head of Crypto.com exchange stated that as the so-called halving date approaches, Bitcoin selling pressure may become more apparent, but in the long run, this event will support the price of this largest digital asset. JP Morgan and Deutsche Bank believe that the positive impact of the upcoming once-every-four-years software update "halving" on Bitcoin has already been largely reflected in the price