Stocks in Asia regained their footing on Thursday despite weakness in Wall Street. Nikkei 225 index of Japan climbed 0.89 percent while the Topix rose 0.73 percent. The Topix Iron and Steel index gained 1 percent since steel firms moved higher. Both Nisshin Steel and Kobe Steel rose 0.07 percent and 3.02 percent respectively while JFE holdings was mainly flat.
In Korea, KOSPI gained 0.59 percent supported by strong activity seen from auto manufacturers and the tech sector. Samsung Heavy and Hyundai Heavy industries both acquired gains and were up 4.86 percent and 5.11 percent respectively as shipbuilders also showed strong results. The S&P/ASX 200 from Australia stood fixed on 0.35 percent.
On Wednesday, Bitcoin dropped under the $10,000 mark following the SEC statement that it would require digital asset trading to register under the agency. On CoinBase, Bitcoin shed approximately 10 percent following SEC’s statement which spooked traders with the inevitable tightening regulation which could weigh on future trading. The Bitcoin fell close to $9,500 and later mildly recovered to $9,969.
Bitcoin, the largest cryptocurrency by market capitalization, is down by about 50 percent from its record high of $20,000 seen last December. it has since then fell significantly on concerns that government regulation would stand in its way.