The Chinese blockchain stocks are losing less in the Crypto market bloodbath.
During the flash crash on Wednesday, China’s blockchain-linked Equity stocks are doing notably better than the rest of the world.
Moreover, eight of the Chinese A-share equities tied to the blockchain industry got affected. However, according to a Bloomberg report, China’s blockchain Equity stocks got down by less than 2% on Thursday.
The equity basket comprises companies like Shenzhen Forms Dungeon, an IT services company, Ygsoft business management firm, and Brilliance Technology, a data exchange-focused company.
Ygsoft is a Chinese company specializing in blockchain-based tools for supply chain and product traceability. According to TradingView data, the company got down by 1.6% over the past 24 hours.
Brilliance Technology develops payment and transaction tools implementing big data and blockchain. The company slipped over by 2%.
Rest of the World
These losses of China’s blockchain-linked stocks of the country are minimal than those of the industry equity market of the rest of the world. On the other hand, there is a more than 5% average plunge in the blockchain and crypto shares outside the country.
Additionally, the Nasdaq listed Crypto exchange Coinbase got closed on Wednesday trading with nearly 6% losses.
MicroStrategy also holds a substantial amount of Bitcoin that sank nearly 7%.
Moreover, the difference between blockchain-related equity markets in China and the rest of the world can be attributed to China’s prior crackdown on Crypto. The country has already banned cryptocurrency trading and token issuance since 2017.
This helped in significantly narrowing the nature of its publicly traded blockchain-type companies. However, according to Vijay Iyer, the head of Asia Pacific at Singapore-based cryptography exchange Luno this made China less affected by movements in the Crypto market.