Crypto Related Stocks in Asia See Volatile Trading Amid Bitcoin Recovery

The larger crypto market lost as much as 16 percent of its entire worth on Thursday alone, including Bitcoin (BTC), ether (ETH), and Terra's LUNA.

Bitcoin declined earlier this week due to inflation fears and the potential of contagion from the freefall of TerraUSD (UST), a stablecoin tethered to the US dollar. On Thursday morning, Bitcoin plummeted as low as $24,000 before recovering slightly overnight.

Stocks of crypto-related companies plummeted as a result of this risk-off reaction. Monex (8698) of Japan and OKG Technology Holdings (1499) of Hong Kong, which runs blockchain explorer OKLink and provides cryptocurrency custodial services, both closed the day 10% lower than their openings on Thursday. On Friday morning, the Hong Kong-listed BC Technology Group (0863) was down 15%.

The parent company of crypto brokerage and loan firm OSL is BC Technology Group, which operates multiple enterprises. Monex is the parent company of Coincheck, a cryptocurrency exchange, and TradeStation, a trading platform.

Later in the trading session, Monex and OKG marginally recovered, increasing over 1% as bitcoin gained 13.5 percent to reclaim the $30,000 price level.

In other news, Meitu (1357) climbed 1.1 percent on Friday following a small drop on Thursday. In 2021, the software company spent more than $100 million on bitcoin and ether.