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There were signs that the decline will continue on Thursday, when crypto stocks in Asia also went to their knees. The share price of the Hong Kong-listed fintech company BC Technology Group fell by 6.6%. Japan-based Monex Group, which operates the TradeStation and Coincheck platforms, ended the trading day 10 percent lower.
Meanwhile, investors are leaving cryptocurrencies at a time when stock markets have plummeted since the peak of the coronavirus pandemic in the face of paranoia about rising prices and deteriorating economic prospects.
US inflation data released on Wednesday shows that prices for goods and services rose by 8.3 percent in April, which is higher than analysts’ expectations and is approaching the highest level in almost four decades.
Nevertheless, today most cryptocurrencies have been able to recover and usually record increases of over ten percent. Whether the market can sustain this upswing in the next few days remains to be seen, but traders and analysts are still bearish about the short-term performance of Bitcoin & Co.
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