Bitcoin Hits $79K While Asia Markets Throw a Tantrum! 😱

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What to know:

  • Bitcoin traded above $79,000 as East Asian markets opened to significant declines. Because why not? 🤷‍♂️
  • The CoinDesk 20 index dropped 8%, with major cryptocurrencies like Ethereum and Solana experiencing double-digit losses. It’s like a bad hair day for crypto! 💇‍♂️
  • Asian tech stocks, including Alibaba and TSMC, saw substantial declines amid concerns over U.S. semiconductor policies. Who knew chips could cause such drama? 🍟

Bitcoin (BTC) decided to strut its stuff above $79,000 Monday morning Asia time, while the rest of the markets around East Asia opened to chaos and carnage. It’s like a horror movie, but with more spreadsheets. 📉

The CoinDesk 20 (CD20), a measure of the performance of the largest digital assets, is down 8%. It’s the kind of day where even your investments need a hug. 🤗

Hong Kong’s Hang Seng Index is down over 8% during mid-morning trading, while Shanghai’s SSE Composite Index is down 7%, and Taipei’s TAIEX is down 9%. It’s like a race to the bottom, and everyone forgot to bring their helmets. 🏁

Major tech stocks across the region were some of the hardest hit. Alibaba shares in Hong Kong were down 12% while Tencent was down 9%. In Taipei, TSMC stocks dipped 10% in the first few minutes of trading, triggering the exchange’s price variation limit. It’s like a rollercoaster, but without the fun. 🎢

TSMC’s correction comes as the White House says that semiconductors from Taiwan are exempt from tariffs, but the future of the CHIPS Act – which bankrolled the construction of semiconductor factories in the U.S. – is in question. So, basically, it’s a game of “Who Wants to Be a Millionaire?” but nobody wants to play. 🎤

TSMC’s major correction on market open is likely foreshadowing Nvidia’s open in the U.S. Some analysts say NVDA has become more volatile than BTC or ETH. It’s like watching a soap opera, but with more zeros. 📺

Elsewhere in crypto, Ethereum (ETH) is down 11% on-day, XRP is down 9%, and Solana’s SOL is down 10%. It’s a bloodbath, folks! 🩸

Lending protocols Maker (MKR) and Aave (AAVE) were some of the worst performers on the market, down around 14% each. They’re like the kids who didn’t get picked for the team. 😢

Liquidation data from CoinGlass shows that in the last 12 hours around $675 million in long positions have been liquidated, compared to $123 million in shorts. It’s like a financial game of Jenga, and someone just pulled the wrong block. 🏗️

TRUMP, the Presidential meme coin, is down 13% according to CoinDesk data, putting it behind lending protocol majors as one of the market laggards. Even memes have their off days! 😂

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2025-04-07 05:50