On Feb. 3, Asian crypto stocks experienced significant declines as Bitcoin fell to $91,163, marking its lowest level in over three weeks.
On Feb. 3, Asian crypto stocks experienced significant declines as Bitcoin fell to $91,163, marking its lowest level in over three weeks. This downturn coincided with heightened market concerns regarding tariff trade wars, which have led to broader sell-offs across various sectors.
Japanese firm Metaplanet, which has been compared to MicroStrategy for its Bitcoin treasury policy, saw its shares drop by 9.44% on the Tokyo Stock Exchange. SBI Holdings, a major investor in crypto and blockchain technology, also faced a decline of 3.60%.
In Hong Kong, OSL Group, known for operating the city’s first licensed crypto exchange, dropped 2.69%, while Boyaa, recognized as Asia’s largest publicly traded corporate Bitcoin holder, fell by 4.64%.
Market analysts suggest that these declines are connected to the newly imposed tariffs by the U.S. on imports from Mexico, Canada, and China. Justin d’Anethan, head of sales at Liquifi, noted that fears surrounding the trade war have amplified investor anxiety, affecting both the stock and crypto markets.
The Nikkei 225 index in Japan decreased by 2.66%, while Hong Kong’s Hang Seng index saw a minimal drop of 0.04%.
The decline in crypto stocks comes as U.S. futures for major stock indexes indicate a challenging trading week ahead. The recent tariff announcements have raised fears of a potential trade war, leading to a broader sell-off in risk assets, which includes cryptocurrencies like Bitcoin and Ether.
Despite the current downturn, the crypto market is within its traditional Lunar New Year trading window, a period historically associated with bullish trends. However, escalating trade tensions could jeopardize Bitcoin's decade-long winning streak during this seasonal period.
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