HK Stock Market Move | Cryptocurrency ETFs and concept stocks rise, Bitcoin hits a new high of $117,000. "Cryptocurrency Week" is coming.

Cryptocurrency ETFs and related concept stocks are on the rise. As of the time of writing, SINOHOPE TECH (01611) has risen by 15.65%, reaching 4.73 Hong Kong dollars; BOYAA (00434) has risen by 15.36%, reaching 8.11 Hong Kong dollars; LINEKONG (08267) has risen by 8.97%, reaching 0.425 Hong Kong dollars; Bosera HashKey Ether ETF (03009) has risen by 7.23%, reaching 2.314 Hong Kong dollars; Harvest Ether Spot ETF (03179) has risen by 7.28%, reaching 7.29 Hong Kong dollars. On the news front, on July 11th, the price of Bitcoin continued to soar. As of the time of writing, Bitcoin has risen by over 6%, reaching 117,879 US dollars, setting a new all-time high. In addition, other cryptocurrencies are also on the rise, with Ethereum rising by over 7% and Dogecoin rising by over 9%. Morgan Stanley's cryptocurrency strategy team pointed out that in the open interest of Bitcoin futures market, the short positions still account for 42%, mostly concentrated at defensive levels below 115,000 US dollars. If the price continues to stay above 117,000 US dollars, it may trigger a new round of short covering of up to 500 million US dollars, further strengthening the upward momentum. In addition, the US House of Representatives announced that the week of July 14th will be designated as "Cryptocurrency Week", during which they will discuss the CLARITY Act, the GENIUS Act, and the Anti-CBDC Act, marking a crucial moment for the cryptocurrency industry. CMSC previously pointed out that the US is entering a period of relaxed regulation for cryptocurrency assets, with the new chairman Paul Atkins taking continuous actions. It is expected that after four roundtable discussions, new regulatory policies will be released in July and August, reshaping the regulatory landscape for cryptocurrency assets in the US.