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Crypto-Related Stocks in Asia See Volatile Trading Amid Bitcoin Recovery
Traditional market investors risked off publicly traded companies related to the crypto sector amid a drop in prices this week.
Updated Apr 14, 2024, 10:47 p.m. Published May 13, 2022, 7:30 a.m.
Bitcoin (BTC), ether (ETH) and Terra’s LUNA weren’t the only major assets where 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.
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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. 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 nominal recovery later on during the trading session, rising over 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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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
알아야 할 것:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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