Asian crypto stocks plunge as Bitcoin drops to three-week low
Asian cryptocurrency stocks suffered significant losses on February 3 as Bitcoin plummeted to $91,163, marking its lowest price in over three weeks. Notable declines were observed in Japan, where Metaplanet fell 9.44% and SBI Holdings dropped 3.60%. In Hong Kong, crypto firms OSL Group and Boyaa experienced losses of 2.69% and 4.64%, respectively. The downturn in crypto stocks was more severe than broader market declines, with Japan's Nikkei 225 dropping 2.66%, while Hong Kong's Hang Seng was stable at just down 0.04%. The market turmoil coincided with the U.S. imposing tariffs on imports from Mexico, Canada, and China, igniting fears of a trade war. Experts suggest that the escalating trade tensions could lead to further sell-offs in risk assets, including cryptocurrencies. Additional pressure comes from the ongoing Lunar New Year trading window, which typically sees bullish trends but is now threatened by the rise in trade war fears.
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