Asian Cryptocurrency Stocks Drop On Fallout From Terra Collapse
Asian shares related to cryptocurrencies may decline after the collapse of the TerraUSD stablecoin triggered a stampede.
(Bloomberg) -- Asian shares related to cryptocurrencies declined after the collapse of the TerraUSD stablecoin triggered a stampede out of many of the digital-asset market’s most popular tokens.
Japan’s Monex Group Inc., which owns the TradeStation and Coincheck marketplaces, slid as much as 8.6% to the lowest level in about 16 months. In South Korea, Woori Technology Investment Co. dropped 6.6%, while Vidente Co. fell 6.3%.
Cryptocurrencies Crater as Terra Collapse Triggers DeFi Exodus
“It is a very nervous time in crypto markets following the collapse of the controversial stablecoin UST and as the majority of institutional crypto investors that invested last year are now losing money,” Ed Moya, a senior market analyst at Oanda, wrote in a note.
Decentralized-finance favorite Avalanche plunged about 37% on Wednesday, while Solana slumped 33%. Bitcoin fell 8.4% to $28,402.78, the lowest since December 2020. All three tokens staged rebounds in early trading Thursday.
Chinese companies involved in cryptocurrencies include Hong Kong-listed Huobi Technology Holdings Ltd. and BC Technology Group Ltd. On the mainland, watch Feitian Technologies Co. and Guangzhou KingTeller Technology Co.
(Updates with share moves in Japan and South Korea)
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