Crypto-Linked Stocks Plunge in Hong Kong, Bitcoin Steadies

Crypto-Linked Stocks Plunge in Hong Kong, Bitcoin Steadies
Representations of cryptocurrencies Bitcoin and Ethereum are placed on PC motherboard in this illustration taken, on June 29, 2021. Dado Ruvic/Illustration/Reuters
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HONG KONG/SINGAPORE—Cryptocurrency-linked stocks dropped in Hong Kong on Monday morning, after Chinese authorities intensified their crackdown on the industry, while major cryptocurrencies steadied.

Shares of crypto asset manager and trading firm Huobi Tech, an affiliate of Huobi Global, one of the world’s largest exchanges, fell more than 30 percent after the opening bell.