Crypto-related stocks retreated in Hong Kong trading. At press time, BOYAA (00434) dropped 5.51% to HK$4.46, MEMESTRATEGY (02440) fell 3.74% to HK$2.06, OSL GROUP (00863) declined 3.65% to HK$16.38, and OKG TECH (01499) slipped 2.4% to HK$0.244.

The sell-off followed a sharp downturn in the cryptocurrency market, with Bitcoin losing its $100,000 support level and Ethereum plunging below $3,200, marking a 7% drop within 24 hours. Analysts attributed the slump to cautious remarks from multiple Federal Reserve officials, suggesting a more measured approach to rate cuts.

According to CME data, market-implied odds of a rate cut have plummeted to around 50%, down from over 70% a week earlier. Fed officials, including Kashkari, Mousallem, and Hammack, emphasized maintaining restrictive policies amid persistent inflation above the central bank's 2% target. Kashkari opposed the Fed's previous rate cut decision but remained undecided on December's policy move, while Mousallem and Hammack advocated for caution in further easing.