Crypto Crash Begins to Affect Large Finance Firms, SBI Shares Decline
On November 15, the crypto market experienced a wipeout of more than $27 billion, as its valuation dropped from $210 billion to $183 billion.
As buy viagra online canadian, the intensity of the drop reached to a point in which Bitcoin dropped by more than 11 percent, after having defended the $6,000 support level for nearly six months and maintaining its buy viagra online canada paypal to date from August to November.
The unforeseen drop of the cryptocurrency market has also begun to impact the traditional finance sector, especially in major digital asset markets like Japan and South Korea.
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Japanese banking giant SBI Holdings, which operates SBI Ripple Asia and leads several large blockchain-related initiatives, saw a substantial decline in its stock price as the crypto market began its sell-off.
Tokyo-based Soichiro Tsutsumi, a trader at eWarrant Japan Securities, ez online pharmacy buy viagra usa that the stock price of several major financial institutions like SBI Holdings dropped as investors feared cryptocurrency ventures will see a stagnant few months in the mid-term due to the correction.
“The $6,000 mark, which had been serving as a floor for a long time, gave way — this feels like a bit of a dangerous sign. 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.”
Even Fundstrat, the Tom Lee-led Wall Street firm, which tends to be positive in regards to the mid to long-term price trend of major cryptocurrencies, stated that the large correction of the crypto market experienced on November 15 could lead digital assets to endure a consolidation period lasting weeks to months.
“This week’s breakdown produced significant technical damage. That will likely take weeks, if not months, to repair to create a durable enough price ‘structure’ to support a multi-month rally,” Fundstrat Global Advisors partner Rob Sluymer buy viagra online canada with mastercard.
Monex, a publicly listed technology company in Tokyo, recorded the steepest drop in stock price following the crypto market crash, likely due to its ownership of Coincheck, formerly the biggest cryptocurrency exchange in Japan that suffered a $500 million hacking attack in January.
Coincheck recently reopened trading after securing a license from the Financial Services Agency (FSA). The FSA provided the Japanese cryptocurrency exchange market a self-regulatory status, allowing exchanges to govern themselves.
However, it tightened the process of approving new exchanges, making it more difficult for exchanges like Coincheck to reapply. Hence, the re-opening of Coincheck’s trading platform was acknowledged as a positive development for Monex. Still, the stock price of Monex declined by a fairly large margin in the past 24 hours.
The impact of the crypto market on the Japanese and South Korean finance industries is expected to be short-lived. Investors in the public stock market panicked as the digital asset market demonstrated a high level of volatility for the first time in months.
As the market stabilizes at a low price range, the crypto market’s effect on publicly listed companies is expected to subside.
Featured image from Shutterstock.