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Markets

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.

By Shaurya Malwa
AccessTimeIconMay 13, 2022 at 7:30 a.m. UTC
Updated Apr 14, 2024 at 10:47 p.m. UTC
Trading monitor. (Pixabay, modified by CoinDesk)
Trading monitor. (Pixabay, modified by CoinDesk)

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.

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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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Shaurya Malwa
Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

Follow @shauryamalwa on Twitter