Asian cryptocurrency stocks suffered losses as Bitcoin reached its lowest point in over three weeks.
Bitcoin Decline and Its Impact
On February 3, Asian cryptocurrency markets were shaken by a significant drop in Bitcoin's price, which fell to $91,163, marking its lowest level in over three weeks.
Reaction of Asian Companies
Japan's Metaplanet, known for its extensive Bitcoin holdings, ended the trading day down 9.44% on the Tokyo Stock Exchange. SBI Holdings, a major investor in crypto and blockchain technologies, fell 3.60%. Among Hong Kong companies that also felt the impact were OSL Group and Boyaa, losing 2.69% and 4.64% respectively.
Trade War and Its Consequences
The drop in cryptocurrency stocks coincided with US President Donald Trump's imposition of 25% tariffs on imports from Mexico and Canada and 10% on China. This sparked fears of a potential trade war, leading to a broad sell-off in risk assets, including cryptocurrencies.
The escalation of trade disputes continues to negatively affect cryptocurrency markets, creating uncertainty among investors.
