HK Stock Market Move | BOYAA (00434) surged over 12% as expectations for interest rate hikes cooled, boosting demand for risk assets. Bitcoin surpasses $80,000.

BOYAA (00434) rose over 12%, as of the time of writing, up 11.68% at HKD 3.155, with a trading volume of HKD 13.41 million. In news, Federal Reserve Governor Waller indicated that more moderate inflation data is expected in the future, prompting the market to reassess the previously heightened expectations for rate hikes this year. The Chicago Mercantile Exchange's FedWatch Tool shows that the market pricing for a 25 basis point rate hike in September has fallen from about 60% on Wednesday to approximately 48%. The cooling of rate hike expectations has boosted demand for risk assets, with cryptocurrencies, which are sensitive to liquidity, responding first; Bitcoin has risen over 4% in the past 24 hours, surpassing USD 80,000. In the first half of this year, the company further enhanced its cryptocurrency holdings to support the advancement of Web3 projects and ensure the sustainable development of its Web3 business. As of the end of the first half, it held approximately 4,201 Bitcoins at an average cost of about USD 68,047 per coin.