Bitcoin
Bitcoin (BTC)
$70,615.00 1.58763
Bitcoin price
Ethereum
Ethereum (ETH)
$3,580.61 0.68168
Ethereum price
BNB
BNB (BNB)
$589.61 2.93683
BNB price
Solana
Solana (SOL)
$187.27 1.16079
Solana price
XRP
XRP (XRP)
$0.6230870 1.22932
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000313 5.69971
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000078 -0.63855
Pepe price
Bonk
Bonk (BONK)
$0.0000265 2.79254
Bonk price
Bitcoin
Bitcoin (BTC)
$70,615.00 1.58763
Bitcoin price
Ethereum
Ethereum (ETH)
$3,580.61 0.68168
Ethereum price
BNB
BNB (BNB)
$589.61 2.93683
BNB price
Solana
Solana (SOL)
$187.27 1.16079
Solana price
XRP
XRP (XRP)
$0.6230870 1.22932
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000313 5.69971
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000078 -0.63855
Pepe price
Bonk
Bonk (BONK)
$0.0000265 2.79254
Bonk price
Bitcoin
Bitcoin (BTC)
$70,615.00 1.58763
Bitcoin price
Ethereum
Ethereum (ETH)
$3,580.61 0.68168
Ethereum price
BNB
BNB (BNB)
$589.61 2.93683
BNB price
Solana
Solana (SOL)
$187.27 1.16079
Solana price
XRP
XRP (XRP)
$0.6230870 1.22932
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000313 5.69971
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000078 -0.63855
Pepe price
Bonk
Bonk (BONK)
$0.0000265 2.79254
Bonk price
Bitcoin
Bitcoin (BTC)
$70,615.00 1.58763
Bitcoin price
Ethereum
Ethereum (ETH)
$3,580.61 0.68168
Ethereum price
BNB
BNB (BNB)
$589.61 2.93683
BNB price
Solana
Solana (SOL)
$187.27 1.16079
Solana price
XRP
XRP (XRP)
$0.6230870 1.22932
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000313 5.69971
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000078 -0.63855
Pepe price
Bonk
Bonk (BONK)
$0.0000265 2.79254
Bonk price

Crypto Stocks in Asia in the Red as Bitcoin Sinks to One-Year Low

This article is more than 4 years old
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Crypto Stocks in Asia in the Red as Bitcoin Sinks to One-Year Low

Shares of several cryptocurrency-related companies in Asian markets fell after bitcoin led a sell-off in digital currencies, reaching a one-year low at just over $5,571, Bloomberg reported on November 15, 2018.

Asia Crypto-Linked Stocks Fall

According to Bloomberg, the fall followed earlier losses among U.S. companies whose businesses are closely related to cryptocurrencies.

In Japan, Monex Group Inc., which runs the exchange Coincheck, experienced serious losses, fell by 2.3 percent, while SBI Holdings Inc., which runs the VCTRADE exchange, experienced a three percent loss. In Seoul, Vidente Co. and Omnitel Inc. ended the day down at least seven percent, leading declines among crypto-linked stocks.

Blockchain-related stocks in the U.S., however, were the first to fall, with the slump starting in the early hours of November 14.

Chart Purple Red Lines

(Source: Bloomberg)

Ideanomics Inc. plunged 49 percent, the fintech firm’s biggest one-day loss since 2010, after reporting declining third-quarter results compared to 2017 due to infrastructure costs and new executive team hires. Xunlei Ltd. depositary receipts also experienced a significant tumble, falling over 13 percent.

One stock seems to have bucked the downward trend in the U.S., witnessing a significant rise. Ceres, Inc. is a biotechnology company based in Thousand Oaks, California that rose 8.2 percent after reporting nine-month earnings.

Falling Stocks and Bitcoin’s Price Slump

The downward spiral where most Asian markets have found themselves was a direct result of a huge slump in the price of bitcoin (BTC).

According to consolidated pricing data compiled by Bloomberg, the largest cryptocurrency in the world plunged as much as 15 percent during U.S. trading hours and until finding a floor near $5,571.18 as of 8:27 GMT.

And while most rival coins also experienced a drop, they were relatively stable after a retreat overnight, as the industry was more focused on a contentious split in Bitcoin offshoot Bitcoin Cash (BCH). Bitcoin Cash gained 3.1 percent on November 15 after diving almost 17 percent a day earlier.

Soichiro Tsutsumi, a trader with eWarrant Japan Securities K.K. in Tokyo, said that falling below the $6,000 mark for bitcoin, which has been serving as a floor for a long time, is a bad sign. Tsutsumi explained:

“Companies most impacted by the price move would be the ones with business models reliant on a client pool, on concern that the number of client accounts won’t expand.”

And while some investors have pointed out that bitcoin’s slump suggests it may be due for a short-term rally, Fundstrat Global Advisors disagrees. According to a note published on November 14, the company’s chief strategists Rob Sluymer, this week’s breakdown will likely take weeks, if not months, to repair.

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