加密货币市场急挫引发连锁反应，A股港股概念股集体承压

Core Viewpoint - The cryptocurrency market is experiencing significant downward pressure due to multiple factors, including macroeconomic policy expectations, institutional selling, and increased regulatory scrutiny, leading to a decline in both cryptocurrency prices and related stocks [3][4][10]. Market Performance - As of December 2, A-shares and Hong Kong stocks related to cryptocurrency continued to decline, with notable drops in companies like Jingbeifang and Hailian Jinhui, each down approximately 1% [3][4]. - Bitcoin saw a sharp decline, dropping nearly 30% from its October peak of $126,251 to below $84,000, while Ethereum experienced a larger drop of over 10% in a single day [3][4]. Institutional Behavior - Since September, large institutional investors have sold over $20 billion in cryptocurrency assets, with year-end profit-taking becoming more pronounced [7][10]. - The adjustment in institutional behavior is a core factor in the current market downturn, with a significant number of leveraged positions being liquidated [5][6]. Regulatory Impact - Recent regulatory developments in China have intensified scrutiny on virtual currencies, particularly stablecoins, which are now included in regulatory frameworks due to concerns over money laundering and fraud [11][12]. - The regulatory stance is seen as a reaffirmation of existing policies rather than a tightening, reflecting ongoing concerns about potential risks in the cryptocurrency sector [11][12]. Macroeconomic Factors - The upcoming Federal Reserve meeting has led to a decrease in expectations for interest rate cuts, which negatively impacts non-yielding assets like Bitcoin [10]. - The uncertainty surrounding macroeconomic signals has also contributed to volatility in traditional risk assets, amplifying the adjustments in the cryptocurrency market [10].