Aussie crypto stocks recover slowly from midweek blues
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Australia’s crypto stocks were rapidly recovering from a rout on Wednesday and Thursday which saw most in the red.
The volatility was caused by a 34 per cent two-day plunge in the price of bitcoin. The digital currency hit a low of $US9185, but recovered to about $US11,600 around 6.30am AEDT Friday morning.
ASX-listed shares exposed to cryptocurrency and blockchain gained along with bitcoin yesterday.
By midday on Thursday, but Ookami had managed to rack up double-digit gains and Change Financial, Kyckr, Sportshero and the shell company Zyber weren’t far behind.
Kyckr said it had managed to find a reliable source of Chinese registry data to offer to customers.
The damage was caused by a sell down among almost all cryptocurrencies over Tuesday and Wednesday, which saw only 91 of the 1450 coins covered by Coinmarketcap in the black.
Crypto buyers had been spooked by suggestions by the South Korea government that it would ban cryptocurrency trading in the country. Considerable demand for cryptocurrencies comes from Asia.
Today, 1007 of those coins were back in positive territory, and the top four of Bitcoin, Ethereum, Bitcoin Cash and Ripple were recovering.
On Wednesday, market leader Bitcoin dropped 16.8 per cent to reach $US11,490, and dipped further to about $US10,500 on Thursday morning.
By midday it had recovered to $US11,456.
Ethereum was still down a per cent and sitting just above $US1000. Ripple was 11 per cent on the day before to reach $US1.33. And Bitcoin Cash fell 2.25 per cent over the last 24 hours to reach $US1752.