Cryptocurrency-related stocks rallied in Japan on Monday, even as news of a $500 millionat an exchange run by Coincheck Inc. spawned security concerns about digital money.
rose as much as 6.1 percent after the BITPoint exchange operatorit will list more coins in a bid to win over customers.advanced as much as 8.9 percent after Credit Suisse hiked its target price, citing the potential value of its cryptocurrency mining business.
“A lot of bad news had already kind of been filtered and hit the market,” said Kay Van-Petersen, a Singapore-based global macro and crypto strategist at Saxo Capital Markets Pte Ltd. “It re-underlines the need for better security in the space, but this by no means, means a structural kind of negative, or killer to the development of the space.”
Other crypto stocks that rose Monday include,andBitcoin regained ground after a brief selloff in the wake of the Coincheck heist, which added to a list of thefts going back to Mt. Gox in 2014.
— With assistance by Nobuyuki Akama