HK Stock Market Move | Bitcoin once fell below the $80,000 mark, LINEKONG (08267) fell over 9%, OSL GROUP (00863) fell nearly 7%

The concept stocks of cryptocurrencies generally fell, as of the time of writing, LINEKONG (08267) fell by 9.68% to 0.28 Hong Kong dollars; OSL GROUP (00863) fell by 6.93% to 8.06 Hong Kong dollars. On the news front, Bitcoin plunged in the early session and briefly fell below the $80,000 mark, reaching a new low since November last year. As of the time of writing, Bitcoin was trading at $80,996 per coin. Some analysts believe that the increase in global risk aversion has led to the decline in assets such as Bitcoin. Geoff Kendrick, global head of digital asset research at Standard Chartered Bank, had previously pointed out that despite institutional capital inflows over the past 12 months, digital assets are still primarily driven by retail investors. Retail investors have weaker financial strength and may not have enough funds to offset losses. He further warned that such losses are usually very large and are unlikely to improve. He also believes that there will be larger scale declines in the future. It is worth noting that the recent Bybit hack incident has exacerbated the volatility of cryptocurrencies. According to reports, hackers exploited platform vulnerabilities and successfully stole over $1.5 billion (approximately 10.8 billion RMB) worth of over 400,000 ETH and stETH, transferring them to unknown addresses. The scale of this attack and the amount involved is unprecedented in the history of cryptocurrencies, dealing a heavy blow to the industry.