Bitcoin traded above $79,000 as Asian markets opened to chaos.
\nHong Kong\u2019s Hang Seng Index fell over 8%, Shanghai down 7%, and Taipei down 9%.
\nMajor tech stocks like Alibaba and TSMC were among the hardest hit.<\/p>\n
Bitcoin (BTC) demonstrated a degree of fortitude Monday morning in Asia, trading above $79,000 even as markets across East Asia opened to widespread chaos and carnage amid a continuing global sell-off.<\/p>\n
While traditional markets crumbled, Bitcoin held its ground, suggesting a potential safe-haven appeal in times of economic uncertainty.<\/p>\n
The CoinDesk 20 (CD20), a broad gauge of the performance of the largest digital assets, is down 8%, reflecting the overall negative sentiment, but Bitcoin\u2019s relative strength stands out.<\/p>\n
The picture in Asian markets was grim.<\/p>\n
Hong Kong\u2019s Hang Seng Index plunged over 8% during mid-morning trading, while Shanghai\u2019s SSE Composite Index slid 7%, and Taipei\u2019s TAIEX tumbled 9%.<\/p>\n
Major tech stocks across the region were among the hardest hit. Alibaba shares in Hong Kong plummeted 12%, while Tencent declined 9%.<\/p>\n
In Taipei, shares of TSMC, the world\u2019s largest semiconductor manufacturer, nosedived 10% in the opening minutes of trading, triggering the exchange\u2019s price variation limit, which halts trading in either direction to prevent further panic.<\/p>\n
TSMC\u2019s correction comes even as the White House has stated that semiconductors from Taiwan would be exempt from tariffs.<\/p>\n
However, the future of the CHIPS Act \u2013 which allocated billions to construct semiconductor factories in the US \u2013 remains uncertain, adding to the volatility.<\/p>\n
The significant correction in TSMC\u2019s stock at market open is likely foreshadowing a similar negative reaction when Nvidia (NVDA) opens in the US market.<\/p>\n
Some analysts suggest that NVDA has become even more volatile than established cryptocurrencies like BTC or ETH, underscoring the heightened risk environment.<\/p>\n
Elsewhere in the cryptocurrency market, Ethereum (ETH) is down 11% on-day, XRP is down 9%, and Solana\u2019s SOL is down 10%, indicating a broad-based downturn across the altcoin landscape.<\/p>\n
Lending protocols Maker (MKR) and Aave (AAVE) were among the market\u2019s worst performers, each plummeting by approximately 14%.<\/p>\n
Data from CoinGlass reveals a substantial wave of liquidations in the past 12 hours, with around $675 million in long positions being wiped out, compared to just $123 million in short positions.<\/p>\n
This highlights the intensity of the selling pressure and the potential for further downside risk.<\/p>\n
Even TRUMP, the Presidential meme coin, is feeling the heat, down 13% according to CoinDesk data, placing it among the market laggards alongside major lending protocols.<\/p>\n
The post Bitcoin unfazed as Asian markets face major sell-off<\/a> appeared first on CoinJournal<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin traded above $79,000 as Asian markets opened to chaos. Hong Kong\u2019s Hang Seng Index fell over 8%, Shanghai down 7%, and Taipei down 9%. Major tech stocks like Alibaba and TSMC were among the hardest hit. Bitcoin (BTC) demonstrated a degree of fortitude Monday morning in Asia, trading above $79,000 even as markets across […]<\/p>\n","protected":false},"author":0,"featured_media":2869,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-2868","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin"],"acf":[],"_links":{"self":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts\/2868","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/comments?post=2868"}],"version-history":[{"count":0,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts\/2868\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/media\/2869"}],"wp:attachment":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/media?parent=2868"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/categories?post=2868"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/tags?post=2868"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}