Key Highlights:
- Bitcoin has been trading above $79,000 while East Asian markets suffered considerable declines.
- The CoinDesk 20 index reported a drop of 8%, impacting major cryptocurrencies such as Ethereum and Solana with losses in double digits.
- Shares in leading Asian tech firms like Alibaba and TSMC fell significantly due to uncertainties surrounding U.S. semiconductor policies.
Bitcoin (BTC) saw its price soar above $79,000 as markets across East Asia opened to chaotic conditions, continuing a global sell-off.
The CoinDesk 20 (CD20), an indicator of the largest digital assets’ performance, is down by 8%.
Market Performance:
- The Hang Seng Index in Hong Kong decreased by over 8%, while the SSE Composite Index in Shanghai dropped by 7%, and the TAIEX in Taipei fell by 9%.
Notably, technology stocks faced sharp declines. Shares of Alibaba plummeted by 12% and Tencent fell by 9%. In Taiwan, shares of TSMC decreased by 10%, prompting trading halt mechanisms.
This decline follows the White House’s announcement about exemptions from tariffs for semiconductors produced in Taiwan, although the future of the CHIPS Act is uncertain.
The drastic movement in TSMC’s stock suggests potential volatility for Nvidia when the U.S. markets open, as some analysts believe its stock has become more erratic than BTC or ETH.
In the cryptocurrency space, Ethereum (ETH) is down by 11%, XRP has decreased by 9%, and Solana (SOL) has dropped by 10%.
Lending protocols like Maker (MKR) and Aave (AAVE) showed some of the largest declines, both losing around 14%.
Data on liquidations from CoinGlass indicates approximately $675 million in long positions have been liquidated over the past twelve hours, compared to $123 million in shorts.
Additionally, the TRUMP meme coin has seen a 13% drop, falling behind other major lending protocols.
