Asian crypto stocks plunge as Bitcoin drops to three-week low

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Crypto Crash? 😨

Asian crypto stocks plunge as Bitcoin drops to three-week low

Well, buckle up, space cowboys. Asian cryptocurrency stocks took a tumble on Feb. 3, sort of like a particularly uncoordinated dance routine performed by a troupe of space pandas. Bitcoin, that digital gold everyone seems obsessed with, plunged to a measly $91,163 – its lowest point in over three weeks. It’s like someone spilled a bucket of cold space-water on the crypto party. Altcoins, those flamboyant, attention-seeking crypto cousins, decided to join the fun, leading a broad market sell-off.

Japan’s Metaplanet, often compared to MicroStrategy for its fondness for Bitcoin (BTC), ended the trading day down 9.44% on the Tokyo Stock Exchange. SBI Holdings, one of Japan’s biggest crypto and blockchain technology investors, sank 3.60%. Maybe they invested their retirement funds in cat memes? Who knows!

Even Hong Kong’s publicly traded crypto firms, usually the life of the party, felt the chill. OSL Group, the operator of Hong Kong’s first licensed crypto exchange, lost a respectable 2.69%. Boyaa, that company with a fondness for holding Bitcoin, shed 4.64%. Perhaps they were all caught off guard by the sudden appearance of a rogue space slug.

“Their pronounced declines are linked to [the tariffs], whether you see it as the impact of a trade war on the general stock market, or the impact from crypto downturn. You have an amplification as investors get fearful on either front,” Justin d’Anethan, head of sales at token launch advisory firm Liquifi, told CryptoMoon.

But hey, at least crypto stocks took a deeper hit than the broader indexes. Japan’s Nikkei 225 dropped 2.66%, while Hong Kong’s Hang Seng barely budged, down just 0.04%. Talk about a rollercoaster!

Asian markets opened for the first time since US President Donald Trump slapped tariffs on imports from Mexico and Canada and 10% on China. Both North American neighbors vowed retaliatory tariffs, while Beijing said it would take its case to the World Trade Organization. Sounds like a recipe for a galactic brawl!

The carnage isn’t expected to stop in Asia. US futures tied to three major stock indexes are flashing red, signaling a brutal trading week ahead. Prepare for some serious market turbulence, folks!

“While this initially doesn’t look crypto-related, tariffs hint at a potential trade war, leading to a broad sell-off in risk assets, which then include Bitcoin, Ether (ETH) and all other cryptocurrencies,” d’Anethan said.

The crypto market remains in its Lunar New Year trading window, which digital asset firm Matrixport defines as the 10 days before and after the holiday. Historically, this has been one of crypto’s most bullish seasonal trends, with an 83% success rate. But with the looming threat of a trade war, even the good luck of the Lunar New Year might not be enough to save Bitcoin’s 10-

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2025-02-03 13:01