Chinese crypto-linked stocks like Meitu see big corrections after Ethereum dump

2021-5-20 12:56

Stocks of Chinese publicly listed companies fell sharply today after cryptocurrencies like Bitcoin, Ethereum, and others plunged massively on Wednesday, data from multiple sources shows.

Yesterday saw over $8 billion in liquidations (or collateral that is seized by exchanges after asset prices hit a predetermined price level) and over 350,000 trading accounts getting liquidated as Bitcoin, Ethereum, and other cryptocurrency fell by double-digit percentages.

Bitcoin fell to as low as $29,000, Ethereum to $2,000, with some DeFi majors like SushiSwap (SUSHI) dropping as much as 40%. And amidst all this, the companies related to cryptocurrencies—via treasury holdings or being part of the mining supply chain—took on big losses as well.

Public companies drop after crypto scare

Meitu, a Hong Kong Stock Exchange-listed photo editing company, tanked by 8% this morning. The photo-editing app holds millions of dollars worth of Bitcoin and Ethereum as part of its treasury funds, and traders likely reacted to yesterday’s downfall.

Image: ETH/USD via TradingView.

Several others saw similar outcomes. As per local daily South China Morning Post, an index tracking 50 stocks linked to cryptocurrencies fell 1.6% on the Shanghai and Shenzhen exchanges. 

A mainland-listed company called Shenzhen Asia Link, which provides third-party payment services used by crypto companies, led that list, falling 10% in the session before its trading was shut down by the exchange.

Elsewhere in the US, Bitcoin-linked companies like MicroStrategy, and Tesla took hits as well, with MSTR losing -6% in the New York trading session and TSLA a relatively smaller -2%.

The drop came a day after a ‘FUD’ development out of China, one that stated the country could, once again, ban the usage of cryptocurrencies. The rumour was overblown however, with the report being a reiteration of a previous statement.

Meanwhile, the crypto market seems to be moving upwards at press time, with buyers stepping in last night. ETH gained over 9% and trades at $2,665, while Bitcoin trades just under $40,000. The fear and greed index tells another story, however, suggesting the market is in a state of “extreme fear” at the moment.

Bitcoin Fear and Greed Index is 11 — Extreme Fear pic.twitter.com/Ux1RRm1sgA

— Bitcoin Fear and Greed Index (@BitcoinFear) May 20, 2021

The post Chinese crypto-linked stocks like Meitu see big corrections after Ethereum dump appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Chinese Yuan (CNY) на Currencies.ru

$ 487797.45 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $476743.98 - H: $489711.61
Капитализация $0 Rank 99999
Цена в час новости $ 258241.41 (88.89%)

chinese ethereum like stocks crypto-linked meitu dump

Источник: cryptoslate.com

chinese ethereum → Результатов: 126


Фото:

Vitalik Buterin calls XRP a “shitcoin” following statements about ETH and BTC being “Chinese-Controlled”

The Co-founder of Ethereum Vitalik Buterin has blasted the team at Ripple for implying that both Ethereum and Bitcoin are likely to be controlled by the Chinese government. Buterin who is usually outspoken on ETH-related issues was quick to spot excerpts of the article posted by Ripple, titled “Summary of Ripple’s Wells Submission,” a follow […]

2020-12-24 00:50


How U.S. Restrictions on Wechat & Other Chinese Brands Could Boost Crypto

The ongoing tensions between the U.S. and China could boost crypto should certain events transpire, say certain investors. Related Reading: Crypto Tidbits: Ethereum Surges 20%, US Banks Can Hold BTC, ETH’s DeFi Space Still in Vogue Ongoing China-US Tensions May Be Able to Boost Crypto: Dovey Wan & Others President Trump announced that U.S. businesses can […]

2020-8-8 06:00


Фото:

Tether создала обеспеченный юанем стейблкоин

Команда Tether представила стейблкоин, курс которого привязан к офшорному юаню. Новая криптовалюты получила тикер CNHT. Информация об этом была представлена на официальной странице Tether. Offshore Chinese yuan (CNH) added to our basket of supported currencies, new stablecoin CNHt now available! CNHt is pegged to CNH and is available on the Ethereum blockchain as an ERC-20 […] Запись Tether создала обеспеченный юанем стейблкоин впервые появилась Bloomchain.

2019-9-11 09:53


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Ethereum Bullish Signal: Adoption Hits Four-Month High Rate

On-chain data shows the Ethereum adoption rate has hit a four-month high, which could be bullish for the cryptocurrency’s price. Ethereum Network Growth Has Shot Up Recently According to data from the on-chain analytics firm Santiment, the ETH blockchain has recently created many wallets.

Ethereum Rockets Forward With 3.3% Network Growth While Bitcoin Goes Stale

On-chain data shows Ethereum has notably outpaced Bitcoin in terms of adoption during the last three months, a sign that could be positive for ETH. Ethereum Has Seen Its Holder Count Go Up By 3.3% In Last Three Months According to data from the on-chain analytics firm Santiment, Ethereum has continued to separate itself from […]

Ethereum Bullish Signal: Whales Show $530 Million Buying Spree

On-chain data shows the Ethereum whales have recently gone on a significant accumulation spree, a sign that could be bullish for ETH’s price. Ethereum Whales Have Added 200,000 ETH To Their Holdings Recently As explained by analyst Ali Martinez in a new post on X, the ETH whales have gone on a buying spree recently. […]