“Sell Now, Think Later”: Tariff Tensions Trigger Market Mayhem!
A broader regional market decline and growing global risk-off attitude drove Bitcoin and Ether’s ongoing decline in Monday morning trade throughout Asia. Increased anxiety over US President Donald Trump’s escalating trade war, especially in the wake of the tariff announcements on April 2, drove the sell-off. Investor behavior has shifted to a “sell now, think later” mindset, which has an impact on risky assets like Bitcoin, according to Peter Chung, head of research at Presto Research.
Both traditional and crypto markets are more susceptible to volatility as ambiguity surrounds the extent and effects of the new levies. The present strain on digital assets serves as a reminder of how decentralized markets can be affected by macroeconomic concerns.
Crypto and Asian Stocks Crash in Sync as Bitcoin Falls Below $76K
At the time of writing, Bitcoin had dropped 8.57% in the last day to $75,804, while Ethereum was down 17.63% to $1,477. An 8.6% decline was recorded by the GMCI 30 index, which tracks the performance of the top 30 cryptocurrencies. In addition, major market declines in Asia occur at the same time as the cryptocurrency sell-off.
- When the Nikkei 225 in Japan opened, it plunged 8%, and stock futures trading was halted because of a circuit breaker.
- The Kospi in South Korea has dropped 4.6% today.
- Shortly after opening, the Shenzhen Component sank 7.2%, and the Shanghai Composite fell 5.8%.
Almost 1,000 stocks reached their daily fall limitations as Taiwan’s stock market plummeted after a prolonged holiday vacation that began last Thursday. The biggest company in Taiwan and the biggest producer of semiconductors worldwide, TSMC, fell straight to its daily limit-down price at the start of trading. According to Jeff Mei, COO of cryptocurrency exchange BTSE, historically, cryptocurrency markets have a tendency to outperform stock markets over the weekend. The dips in Asian markets this morning appear to have confirmed this notion.
For more up-to-date crypto news, you can follow Crypto Data Space.
Leave a comment