HK Stock Market Move | Cryptocurrency concept stocks lead in terms of decline, with the Federal Reserve showing no intention of hoarding coins and may slow down interest rate cuts. Bitcoin briefly fell below $96,000.

Cryptocurrency concept stocks lead the decline, as of the time of writing, LINEKONG (08267) fell by 5.66%, to 0.5 Hong Kong dollars; GRANDSHORES (01647) fell by 3.57%, to 0.081 Hong Kong dollars; OSL GROUP (00863) fell by 1.91%, to 7.7 Hong Kong dollars. In terms of news, Federal Reserve Chairman Powell explicitly stated at a press conference after the monetary policy meeting that the Federal Reserve has no intention of participating in any government plan to stockpile Bitcoin. He emphasized that such issues fall within the purview of Congress, and the Federal Reserve has not sought to change existing laws to allow for the holding of Bitcoin. Powell also stated that while interest rate cuts were implemented in December, the pace of future monetary policy adjustments will slow down. Analysts point out that while Trump has promised to implement policies favorable to the digital assets industry and has planned to create new positions related to cryptocurrency at the White House and nominate Bitcoin supporters, the implementation of these policies faces both opportunities and many practical obstacles. In response to the news, on December 19th, Bitcoin fell below the $96,000 threshold, reaching a low of $95,700 per coin. Bitcoin has retraced from its peak of $108,000 per coin, dropping over $10,000 within two days.