(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.
Hong Kong-listed BC Technology Group Ltd. tumbled as much as 7.5%, on track for its lowest close in over four years. Japan’s Monex Group Inc., which owns the TradeStation and Coincheck marketplaces, slid as much as 8.6% while South Korea’s Woori Technology Investment Co. dropped 6.6%.
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.
(Updates share moves, adds chart)
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