Cryptocurrency-related stocks in Asia lost ground on Monday amid a broader market slump spurred by Trump’s tariffs spooking markets.
Shares of Japan’s Metaplanet on the Tokyo Stock Exchange closed down 9.44% at 4,460 yen on Monday. The Japanese investment firm recently said it aims to boost its bitcoin holdings to 10,000 BTC this year.
Hong Kong-based crypto firm OKG Tech saw its stock plunge 9.09% today, closing at HK$0.16, according to Yahoo Finance. Boyaa Interactive, a Chinese game developer and the largest public corporate holder of bitcoin, also saw its Hong Kong-listed shares drop by 4.64%.
Japan’s benchmark Nikkei 225 lost 2.66% on Monday, and South Korea’s Kospi fell 2.52%. Hong Kong’s Hang Seng index remained nearly flat. Shanghai’s stock market was closed for a holiday.
Concerns grew about U.S. President Donald Trump imposing upcoming or additional tariffs on imports from Canada, Mexico and China — sparking a border crypto market sell-off. Global stock investors are preparing for increased volatility due to the possible intensification of a trade war.
“The crypto market has reacted negatively to the tariff announcement on Friday in the U.S. Given this occurred on Saturday morning Asia time, Asian investors in the equity market were able to react to the news only today, which is why Asian crypto stocks were sold off,” said Peter Chung, head of research at Presto Research.
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