Understanding the Market | Cryptocurrency concept stocks decline, MEMESTRATEGY falls over 7%, BOYAA drops nearly 6%
Cryptocurrency concept stocks fell. As of the time of writing, MEMESTRATEGY dropped 7.61%, trading at HKD 2.55; BOYAA fell 5.95%, trading at HKD 5.37; Jinyong Investment decreased by 5%, trading at HKD 5.13; OKLink dropped 3.57%, trading at HKD 0.27. In terms of news, since last night, cryptocurrencies have collectively declined, with Bitcoin briefly falling below the USD 110,000 mark. As of the time of writing, Bitcoin, Ethereum, and XRP have all seen declines exceeding 2%. According to CCTV News, the U.S. Federal Reserve concluded its two-day monetary policy meeting on the 29th, announcing a 25 basis point reduction in the target range for the federal funds rate to between 3.75% and 4.00%. This marks the Fed's second rate cut following a 25 basis point reduction on September 17, and the fifth rate cut since September 2024. Additionally, the Fed decided to end its balance sheet reduction plan starting December 1. However, regarding the December interest rate meeting, Powell stated that the uncertainty of December's rate actions needs to be considered, and a rate cut in December is "far from" a done deal
According to Zhitong Finance APP, cryptocurrency concept stocks have declined. As of the time of writing, MEMESTRATEGY (02440) fell by 7.61%, trading at HKD 2.55; BOYAA (00434) dropped by 5.95%, trading at HKD 5.37; Jinyong Investment (01328) decreased by 5%, trading at HKD 5.13; and OKC Cloud Chain (01499) fell by 3.57%, trading at HKD 0.27.
In terms of news, since last night, cryptocurrencies have collectively plummeted, with Bitcoin briefly falling below the USD 110,000 mark. As of the time of writing, Bitcoin, Ethereum, and XRP have all seen declines exceeding 2%. According to CCTV News, the U.S. Federal Reserve concluded its two-day monetary policy meeting on the 29th, announcing a 25 basis point reduction in the target range for the federal funds rate to between 3.75% and 4.00%. This marks the Fed's second rate cut since lowering rates by 25 basis points on September 17, and it is the fifth rate cut since September 2024. Additionally, the Fed decided to end its balance sheet reduction plan starting December 1. However, regarding the December interest rate meeting, Powell stated that the uncertainty of December's rate actions needs to be considered, and a rate cut in December is "far from" a foregone conclusion
