Asian markets began the week with a sharp decline as investors expressed concerns over potential new tariffs from the U.S.
Impact of U.S. Tariffs on Asian Markets
President Donald Trump’s announcement regarding potential new tariffs on imports from Canada, Mexico, and China created upheaval in financial markets. U.S. markets reacted negatively on Friday, and as Asian markets opened after the U.S. exchanges closed, the selling pressure became apparent on Monday morning.
Decline in Asian Cryptocurrency Stocks
Cryptocurrency-related stocks in Asia experienced significant losses. Shares of Japan-based Metaplanet dropped by 9.44%, Hong Kong-based OKG Tech fell by 9.09%, and Chinese game developer Boyaa Interactive saw its shares decrease by 4.64%.
Investor Reactions to Changes
Peter Chung noted that the decline in Asian markets was a delayed reaction to developments in the U.S. 'The U.S. markets closed negatively on Friday. Since the Asian markets were closed, we only saw this pricing now, resulting in significant sell-offs of cryptocurrency stocks in Asia,' he stated.
Macroeconomic uncertainties continue to influence the cryptocurrency market and risk assets. Investors are closely monitoring the U.S.'s new economic policies to determine their next steps.
