Bitcoin Surges Above $79K as Asian Markets Tumble
Markets in Hong Kong, Shanghai, and Taipei Open Deep in the Red
Published: April 7, 2025 | Updated: 11:34 AM
Bitcoin (BTC) is trading above $79,000 this Monday morning, but the mood in Asian financial markets is anything but bullish. As trading floors across Hong Kong, Shanghai, and Taipei opened, they were met with steep sell-offs—highlighting a volatile start to the week.
Major Highlights:
- Bitcoin trades over $79,000, defying wider market chaos.
- The CoinDesk 20 Index (CD20) falls 8%, with Ethereum (ETH) and Solana (SOL) posting double-digit losses.
- Asian tech stocks plunge, led by Alibaba, Tencent, and TSMC.
- Over $675 million in long crypto positions liquidated in just 12 hours.
Stock Market Panic Across East Asia
Markets across Asia are reeling. The Hang Seng Index in Hong Kong dropped over 8%, while Shanghai’s SSE Composite slid 7%. In Taipei, the TAIEX plummeted 9%, triggering emergency trading mechanisms.
Top regional tech stocks took a beating:
- Alibaba (HK): -12%
- Tencent: -9%
- TSMC (Taiwan): -10% – triggering a halt on price movements.
TSMC’s sharp decline comes amid fresh uncertainty surrounding U.S. semiconductor policy. While the White House confirmed Taiwan-made chips will remain tariff-free, the future of the CHIPS Act, which funds U.S. semiconductor manufacturing, now hangs in the balance.
Crypto Takes a Hit
The broader crypto market didn’t escape the bloodbath:
- Ethereum (ETH): -11%
- Solana (SOL): -10%
- XRP: -9%
DeFi tokens saw some of the heaviest losses:
- Maker (MKR): -14%
- Aave (AAVE): -14%
According to CoinGlass, nearly $675 million in long positions were liquidated in the past 12 hours, compared to just $123 million in shorts—underscoring the market’s sharp reversal.
Even meme coins weren’t spared. The political-themed TRUMP token fell 13%, lagging behind other major altcoins.
