HK Stock Market Move | Bitcoin concept stocks led the way with the increase, Bitcoin staged a strong rebound breaking through $87,000, and the market's expectations of a rate cut have been reversed.

Concept stocks related to Bitcoin collectively rebounded. As of the time of writing, OKG TECH (01499) rose by 5.24% to HK$0.201; BOYAA (00434) rose by 4.66% to HK$3.82; BRIGHT SMART (01428) rose by 4.64% to HK$7.22; YUNFENG FIN (00376) rose by 4.39% to HK$3.57. In recent news, the cryptocurrency market has been volatile. After experiencing a sharp decline over the past few weeks, Bitcoin rebounded strongly on Monday, breaking through $87,000. However, compared to its peak of $126,000 in October, the current price is still down by more than 30%. In addition, New York Fed President Williams hinted at further rate cuts in December, reversing market expectations for rate cuts. Currently, the market believes there is a 70% chance of a rate cut by the Fed in December. Goldman Sachs pointed out that concerns about economic growth may be overstated, liquidity conditions are expected to improve, and the AI productivity theme is gaining more attention in customer conversations. Many clients see high-beta assets like Bitcoin as an indicator of risk appetite, believing that if the trend of Bitcoin improves, the year-end rally in US stocks may restart.