ARB, QBT, OBC: Should you buy these stocks amid volatile crypto market?

London-listed crypto-asset technology firms are seeing their shares suffer downturns after last week’s bloodbath in the crypto market, which affected the prices of all major cryptocurrencies. Soaring inflation, recession fears, increase in interest rate, and the Ukraine war could be partly blamed for the crash.

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According to CoinMarketCap.com, the global crypto market cap stood at US$ 1.28 trillion, a 2.96% increase over the last day, at 6: 50 AM (GMT) on 20 May 2022. The prices of many altcoins have dropped drastically, but the most popular cryptocurrency Bitcoin (BTC) managed to bounce back after crashing to an 18-month low. It indicates a lower appetite for risk among crypto traders.

BTC was trading at US$30,077.51, up by 3.37%, in the last 24 hours and 1.18% down in the last 7 days. The second-largest cryptocurrency by market cap, Ethereum (ETH) was trading at US$2,018.35, up by 3.59% in the last 24 hours, but was 3.24% down in the last 7 days, at 6:50 AM (GMT), on 20 May 2022.

Let us look at 3 FTSE-listed stocks that may get affected by the recent crypto market crash.

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Argo Blockchain Plc (LON: ARB)

Mcap: £257.45 million

One-year return: 58.96%

YTD return: -46.17%

The UK-based cryptocurrency mining company, Argo Blockchain Plc, provides a mining-as-a-software (MaaS) service to make it easy for clients to mine crypto-related assets through the cloud. The company recently reported a 9% increase in revenue to £14.9 million in Q1 2022, from £13.6 million in Q1 2021. Its net profit for the quarter stood at £1.6 million. It reported that the total Bitcoin mined increased by 21% to 470 Bitcoin and Bitcoin equivalents, compared to 387 BTC mined in the same quarter last year.

The global leader in Cryptocurrency mining hasn’t performed well in the last one year as its share value has depreciated by -58.96%. Argo Blockchain Plc’s shares were trading at GBX 52.50, down by 4.55%, at 8:10 AM (GMT), as of 20 May 2022.

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Quantum Blockchain Technologies Plc (LON: QBT)

Mcap: £17.96 million

One-year return: 27.15%

YTD return: -40.32%

Quantum Blockchain Technologies Plc is an investment company that is engaged in investing in the technology sector and commenced an aggressive R&D and investment programme in the Blockchain technology sector. It offers mining software, mining hardware, mining pool, and data services.

The FTSE AIM All-Share listed investment company hasn’t performed well since the start of this year as its share value depreciated by -40.32%. However, its share value appreciated by 27.15% in the last one year, as of 20 May 2022.

The shares of Quantum Blockchain Technologies Plc were trading at GBX 1.80, at 8:10 AM (GMT), as of 20 May 2022.

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Online Blockchain Plc (LON: OBC)

Mcap: £3.43 million

One-year return: -42.92%

YTD return: -46.05%

British blockchain research and development incubator Online Blockchain Plc is engaged in the investment and development of blockchain technology. The company is a coordinator and advisor to Umbria Network, which has reported excellent progrins of its cross-chain asset bridge, Narni. Its average transaction per day has consistently risen to 600 and transaction values range between US$3 and US$50,000. 

The FTSE AIM All-Share listed blockchain technology company hasn’t performed well since the start of this year as its share value depreciated by -46.05%, as of 20 May 2022.

The shares of Online Blockchain Plc were trading at GBX 1.80, at 8:10 AM (GMT), as of 20 May 2022.

Note: The above content constitutes a very preliminary observation or view based on market trends and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.