BTC Trades Above $79K As Asian Markets In Chaos
Hong Kong, Shanghai and Taipei markets opened on Monday and were in significant red territory.
Sam Reynolds Updated April 7, 2025 3:34 AM Published April 7, 2025 2:30 AM
Key points:
- Bitcoin traded above $79,000 as East Asian markets opened sharply lower.
- The CoinDesk 20 Index fell 8%, with leading cryptocurrencies like Ethereum and Solana suffering double-digit losses.
- Shares of major Asian tech companies including Alibaba and TSMC fell sharply amid concerns over U.S. semiconductor policy.
Bitcoin (BTC) traded above $79,000 on Monday morning Asia time as markets across the East opened in chaos and a sharp sell-off amid an ongoing global selling wave.
The CoinDesk 20 (CD20) index, which tracks the performance of the largest digital assets, fell 8%.
Hong Kong's Hang Seng Index fell more than 8% in morning trading, Shanghai's SSE Composite Index fell 7% and Taipei's TAIEX fell 9%.
The region's big tech companies were among the hardest hit. Alibaba shares fell 12% in Hong Kong, while Tencent shares fell 9%. In Taipei, TSMC shares fell 10% in just a few minutes of trading, triggering price-limiting mechanisms on the exchange that halt trading in either direction.
TSMC's correction came after the White House announced that Taiwanese semiconductors would be exempt from tariffs, but the future of the CHIPS Act, which funded the construction of semiconductor factories in the U.S., remains in question.
TSMC's significant correction at the start of trading likely heralds Nvidia's opening in the US. Some analysts claim that NVDA stock has become more volatile than BTC or ETH.
In other cryptocurrencies, Ethereum (ETH) fell 11% on the day, XRP lost 9%, and Solana's SOL was down 10%.
Lending protocols Maker (MKR) and Aave (AAVE) were among the worst performers in the market, falling around 14% each.
CoinGlass liquidation data shows that about $675 million in long positions were liquidated in the last 12 hours, compared to $123 million in short positions.
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