[Xangle Briefing] Affected by The CoronaVirus, The Hong Kong Stock Market Plunges by 3% - While Chinese Cryptocurrencies See a 3% Increase in Price.
- Corona Virus’s geopolitical risk seems to have only limited influence on cryptocurrency prices.
- Continues the tendency for crypto prices to move up when stock prices fall.
[29th January 2020] Hong Kong Hang Seng Indexes have fallen by 2.82% on its first day back from the Lunar New Year holidays. The Coronavirus, newly dubbed as the ‘Wuhan Pneumonia’, is said to be a driving factor behind this move. The Chinese government has delayed the opening of their financial markets until the 3rd of February as a result of the virus outbreak.
To the contrary, top chinese cryptocurrencies have seen a 3% increase in price today, as a part of a rally that has continued for the last few days. The traditional equity market was hit badly by the geopolitical risk imposed by the Wuhan Pneumonia, but its impact on cryptocurrency prices seem limited.
According to the crypto disclosure platform Xangle, Chinese crypto projects in the top 50 market cap ranking have seen an average of 2.97% price increase in the last 24 hours. The 7-day data shows a 5.82% price increase. Tron, NEO, Huobi Token, Ontology, VeChain, QTUM, and OKB are the identified projects, and their detailed project and company information can be found on Xangle.