Crypto related stocks in Asia see volatile trading amid Bitcoin recovery

CoinDesk Analysis Team CoinDesk

Bitcoin (BTC), ether (ETH), and Terra’s LUNA weren’t the only major assets were investors faced losses this week as the broader crypto market lost as much as 16% of overall capitalization on Thursday alone.

Earlier this week, bitcoin fell amid inflation concerns and contagion risks from TerraUSD's (UST), a stablecoin pegged to U.S. dollar, freefall. Bitcoin fell to as low as $24,000 on Thursday morning before a slight recovery overnight.

This risk-off reaction caused stocks of crypto related companies to tank. Japan’s Monex (8698) ended the day 10% below its open on Thursday, as did Hong Kong’s OKG Technology Holdings (1499), which runs blockchain explorer OKLink and provides custodial services for cryptocurrencies. While, Hong Kong-listed BC Technology Group (0863) was down 15% on Friday morning.

BC Technology Group, which runs several businesses, is the parent of crypto brokerage and lending company OSL. Monex owns crypto exchange Coincheck and trading platform TradeStation, among other businesses.

Monex and OKG saw some nominally recover later on during the trading session, rising over by 1% as bitcoin added 13.5% to regain the $30,000 price level.

Elsewhere, shares of Hong Kong’s Meitu (1357) gained 1.1% on Friday after a brief slide on Thursday. The software company purchased over $100 million in bitcoin and ether in 2021.

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CoinDesk Analysis Team

CoinDesk

CoinDesk is the media platform for the next generation of investors exploring how cryptocurrencies and digital assets are contributing to the evolution of the global financial system.

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