A-Share experiences a mixed trading day with blockchain and digital currency sectors decline

According to the news, the A-share closed with the Shanghai Composite Index at 3322.03, down 0.19%, the Shenzhen Composite Index at 11842.88, down 0.08%, and t…

A-Share experiences a mixed trading day with blockchain and digital currency sectors decline

According to the news, the A-share closed with the Shanghai Composite Index at 3322.03, down 0.19%, the Shenzhen Composite Index at 11842.88, down 0.08%, and the Shenzhen Blockchain 50 Index at 3179.02, down 1.26%. The blockchain sector closed down 0.59% and the digital currency sector closed down 0.6%.

A-share closing: Shenzhen Blockchain 50 Index fell 1.26%

Interpretation of the news:


The A-share market experienced a mixed trading day on Friday, with both the Shanghai Composite Index and Shenzhen Composite Index seeing declines of 0.19% and 0.08% respectively, while the Shenzhen Blockchain 50 Index experienced a decline of 1.26%. Furthermore, the blockchain sector closed down by 0.59%, and the digital currency sector followed closely, declining by 0.6%.

The A-share market, also known as the Chinese domestic stock market, has been greatly influenced by the global supply chain disruptions caused by COVID-19. The pandemic has caused a significant impact on China’s economy, causing international trade tensions and leading to a slowdown in the country’s GDP. As a result, this has affected the A-share market as companies face challenges in both revenue and profits.

The Shenzhen Blockchain 50 Index, which tracks the 50 most innovative blockchain companies in China, faced a sharp decline of 1.26%. This decline could be attributed to the recent crackdown on crypto mining in China by the government. This crackdown has resulted in several large mining companies to shut down, causing a decrease in the market’s confidence in the blockchain sector.

The decline in the blockchain sector, which is highly volatile, has also led to the digital currency sector following suit. Digital currencies, such as Bitcoin and Ethereum, have also faced a decline in value as a result of the recent regulatory actions in China. Furthermore, the rising concerns about their environmental impact, led by Elon Musk’s recent tweet, have also led to a downturn in the digital currency sector.

In conclusion, the A-share market experienced a mixed trading day, with the decline in both the Shanghai and Shenzhen Composite Index accompanied by a decline in the blockchain sector and the digital currency sector. The decline in the blockchain sector could be attributed to the recent crackdown on crypto mining, which has caused a decrease in market confidence, leading to the downturn in the digital currency sector. Investors should carefully monitor these two highly volatile markets to make informed investment decisions.

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