Markets across East Asia opened to a wave of selling pressure Monday as global investors continued to digest the implications of escalating trade tensions and U.S. tariffs. Despite the chaos, Bitcoin (BTC) managed to stay just above the $79,000 mark during early Asia trading, down roughly 5% over the past 24 hours.
The CoinDesk 20 (CD20), tracking major crypto assets, slumped 8% as digital markets followed broader risk-off sentiment. Ethereum (ETH) led losses with an 11% drop, while Solana (SOL) and XRP were down 10% and 9%, respectively. Lending protocols like Maker (MKR) and Aave (AAVE) were hit even harder, each shedding roughly 14%.
Equity markets were hit even more aggressively. Hong Kong’s Hang Seng plunged over 8%, Shanghai’s SSE Composite lost 7%, and Taiwan’s TAIEX collapsed 9%. The tech sector was the epicenter of the damage, with Alibaba shares down 12% and Tencent falling 9%. TSMC dropped 10% at the open, triggering trading curbs despite assurances from the White House that Taiwanese semiconductor exports would be exempt from new tariffs.
Still, the political uncertainty surrounding the CHIPS Act and broader U.S.-China tech tensions is casting a long shadow. Analysts warn that TSMC’s correction may foreshadow significant volatility for U.S. chipmaker Nvidia when Wall Street reopens.
Liquidations in crypto markets have been steep. Data from CoinGlass shows more than $675 million in long positions were wiped out over the past 12 hours, compared to just $123 million in shorts — a sign that many investors were caught offside.
Even the satirical TRUMP token, linked to President Trump’s persona, was not spared, falling 13% and ranking among the session’s weakest performers.
As global markets face what some are calling a “slow-motion crash,” Bitcoin’s relatively limited decline is raising questions about its evolving role — can it sustain safe-haven status, or is it merely lagging behind the broader correction?
