Crypto Related Stocks in Asia See Volatile Trading Amid Bitcoin Recovery

📆 5/13/2022 4:32 AM
📰 CoinDesk

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Crypto related stocks in Asia saw heavy losses as the contagion in the crypto market spread to stocks. By shauryamalwa

Bitcoin , ether , 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 , 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 ended the day 10% below its open on Thursday, as did Hong Kong’s OKG Technology Holdings , which runs blockchain explorer OKLink and provides custodial services for cryptocurrencies. While, Hong Kong-listed BC Technology Group was down 15% on Friday morning.

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