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Crypto Stocks Plummet in Asia as Terra Collapses

Asian stocks related to cryptocurrencies fall after the collapse of the stablecoin TerraUSD or UST.

Shares of Japanese company Monex Group Inc, which owns trading platform “TradeStation” and Czech company “Coincheck”, fell 8.6% to the lowest level in about 16 months.

In South Korea, Woori Technology Investment Co fell 6.6% and Vidente Co fell 6.3%.

“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,”

said Ed Moya, senior market analyst at Oanda.

UST’s plunge sent Avalanche down 37% on Wednesday (May 11), while Solana fell 33% and Bitcoin dropped 8.4% to $28,402.78, its lowest level since December 2020. However, the three coins began to recover in early trading.

Chinese companies involved in cryptocurrencies include Huabi Technology Holdings Ltd. and BC Technology Group Ltd. based in Hong Kong. In China, investors have their eyes on Feitian Technology Co. Ltd. and Guangzhou Kingtailer Technology Co.

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