- Bitcoin traded above $79,000 as Asian markets opened to chaos.
- Hong Kong’s Hang Seng Index fell over 8%, Shanghai down 7%, and Taipei down 9%.
- Major tech stocks like Alibaba and TSMC were among the hardest hit.
Bitcoin (BTC) demonstrated a degree of fortitude Monday morning in Asia, trading above $79,000 even as markets across East Asia opened to widespread chaos and carnage amid a continuing global sell-off.
While traditional markets crumbled, Bitcoin held its ground, suggesting a potential safe-haven appeal in times of economic uncertainty.
The CoinDesk 20 (CD20), a broad gauge of the performance of the largest digital assets, is down 8%, reflecting the overall negative sentiment, but Bitcoin’s relative strength stands out.
Asian markets in freefall
The picture in Asian markets was grim.
Hong Kong’s Hang Seng Index plunged over 8% during mid-morning trading, while Shanghai’s SSE Composite Index slid 7%, and Taipei’s TAIEX tumbled 9%.
Major tech stocks across the region were among the hardest hit. Alibaba shares in Hong Kong plummeted 12%, while Tencent declined 9%.
In Taipei, shares of TSMC, the world’s largest semiconductor manufacturer, nosedived 10% in the opening minutes of trading, triggering the exchange’s price variation limit, which halts trading in either direction to prevent further panic.
TSMC’s correction comes even as the White House has stated that semiconductors from Taiwan would be exempt from tariffs.
However, the future of the CHIPS Act – which allocated billions to construct semiconductor factories in the US – remains uncertain, adding to the volatility.
The significant correction in TSMC’s stock at market open is likely foreshadowing a similar negative reaction when Nvidia (NVDA) opens in the US market.
Some analysts suggest that NVDA has become even more volatile than established cryptocurrencies like BTC or ETH, underscoring the heightened risk environment.
Altcoins feel the pain: Ethereum, XRP, and Solana slide
Elsewhere in the cryptocurrency market, Ethereum (ETH) is down 11% on-day, XRP is down 9%, and Solana’s SOL is down 10%, indicating a broad-based downturn across the altcoin landscape.
Lending protocols Maker (MKR) and Aave (AAVE) were among the market’s worst performers, each plummeting by approximately 14%.
Data from CoinGlass reveals a substantial wave of liquidations in the past 12 hours, with around $675 million in long positions being wiped out, compared to just $123 million in short positions.
This highlights the intensity of the selling pressure and the potential for further downside risk.
Even TRUMP, the Presidential meme coin, is feeling the heat, down 13% according to CoinDesk data, placing it among the market laggards alongside major lending protocols.
