OBC, ARB, QBT: Stocks under lens as Bitcoin slips to 18-month low - Kalkine Media

June 13, 2022 11:56 AM BST | By Priya Bhandari
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Highlights

  • On 13 June, Bitcoin was witnessing a torrid run on the market after it touched its 18-month low of US$24,298.05.
  • The global crypto market dropped below the US$1.2 trillion mark and was at US$975.17 billion in the past 24 hours. 

The world’s largest and most popular cryptocurrency Bitcoin continued its selloff on Monday morning as the impact of US inflation data continued to reverberate across global risk assets, including crypto and stocks.

Bitcoin continued its selloff into Asia’s Monday morning.

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On 13 June, Bitcoin was witnessing a torrid run on the market after it touched its 18-month low of US$24,298.05. Its trading volume was at US$52.68 billion. With the latest slide, Bitcoin has now suffered close to a 22.63% loss over the week, according to Coinmarketcap.com.  

Other cryptocurrencies also saw a decline as the broader sell-off continued, with Ether falling to its lowest level in more than 14 months. At the time of writing [10:20 AM (GMT+1)], Ethereum was trading at US$1,235.99, down by 16.12%, in the last 24 hours. It dropped by 34.99% in the last seven days, as per Coinmarketcap.com.

The ripples of the leading crypto fall were visible on the stock market as well as the MVIS CryptoCompare Digital Assets 100 Index plummeted as much as 9.7% on Monday.

The crypto market has struggled for some momentum in the last one month or so since the Terra fiasco in May, which saw the global crypto market drop below US$1.2 trillion.

Not just the Terra collapse, the Federal Reserve withdrawal stimulus and interest rate hike too played their part which led to negative market sentiments.

According to a report by blockchain infrastructure and bitcoin mining company Blockware Solutions, there is a possibility that Bitcoin’s global adoption will grow significantly in the coming years and by 2030 it may hit 10%. It also revealed that around 0.36% of the global population is currently using the bitcoin network.

Although the crypto market has been almost completely unpredictable over the last several years, it is believed that bitcoin adoption will reach saturation quicker than many other technologies. It is estimated that there are over 300 million crypto users across the world and many institutions are drifting towards this asset class.

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Here are the 3 FTSE-listed stocks that are get impacted by the ups and downs of the cryptocurrency market.

  1. Online Blockchain Plc (LON: OBC)

The shares of the UK-based blockchain research and development company, Online Blockchain Plc, were trading at GBX 23.50, at 08:10 AM (GMT+1) on 13 June 2022. The company has given its shareholders a negative return of -47.16% over the last one year, while its year-to-date return stands at -44.89%. The FTSE AIM All-Share listed company’s market cap stands at £3.36 million as of 13 June 2022.

  1. Argo Blockchain Plc (LON: ARB)

With a market cap of £211.35 million as of 13 June 2022, the share of the Main Market-listed blockchain technology company focused on large-scale Bitcoin mining was trading at GBX 42.50, down by 5.56% at around 08:10 AM (GMT+1) on 13 June 2022. Argo Blockchain Plc has given its shareholders a negative return of 71.12% over the last one year.  

Related Read: XAR, KAPE, MOS, ESYS: Should you invest in these next-gen stocks?

  1. Quantum Blockchain Technologies Plc (LON: QBT)

The market cap of the investment company, Quantum Blockchain Technologies Plc, stands at £20.95 million as of 13 June 2022. The company’s shares were trading at GBX 1.80, down by 14.29% at 08:10 AM (GMT+1), on 13 June 2022. The FTSE AIM All-Share listed company has provided its shareholders with a return of 38.79% over the last one year as of 13 June 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.


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