Monday’s trading session opened with sharp declines across Hong Kong, Shanghai, and Taipei stock markets.
Key Takeaways
- Bitcoin (BTC) soared past $79,000 amid a turbulent opening for East Asian markets.
- The CoinDesk 20 Index dropped 8%, with major cryptocurrencies like Ethereum and Solana seeing double-digit losses.
- Asian tech stocks, including Alibaba and TSMC, plummeted due to concerns over U.S. semiconductor policies.
As global sell-offs intensified, East Asian markets descended into chaos early Monday, with Bitcoin (BTC) breaching the $79,000 mark. The CoinDesk 20 (CD20) Index, which tracks the performance of top digital assets, fell by 8%.
Tech Stocks Hit Hardest
The region’s leading tech stocks bore the brunt of the downturn:
- Alibaba shares in Hong Kong plunged 12%, while Tencent dropped 9%.
- Taiwan Semiconductor Manufacturing Company (TSMC) slid 10% within minutes of trading, triggering exchange volatility limits and a temporary trading halt.
This volatility followed U.S. White House remarks exempting Taiwanese semiconductors from tariffs, while uncertainties loomed over the CHIPS Act funding for domestic semiconductor plants.
Crypto Market Turmoil
Beyond Bitcoin:
- Ethereum (ETH) fell 11%, XRP dropped 9%, and Solana’s SOL declined 10%.
- Lending protocols Maker (MKR) and Aave (AAVE) were among the worst performers, losing ~14% each.
- Over $675 million in long positions were liquidated in 12 hours, per CoinGlass data.
Notably, the meme token "TRUMP" slid 13%, trailing behind major lending protocols.
FAQ
Q: Why did Asian tech stocks crash?
A: Concerns over U.S. semiconductor policies and global market sell-offs triggered steep declines in stocks like Alibaba and TSMC.
Q: How did Bitcoin react to the market chaos?
A: BTC defied the trend, surging past $79,000, while other cryptocurrencies like ETH and SOL saw significant drops.
Q: What caused the high liquidation rates in crypto?
A: Rapid price swings led to $675 million in long-position liquidations as traders faced margin calls.
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