Asian crypto stocks tumble as Trump's tariffs stir market fears

Quick Take

  • Shares of Japan’s Metaplanet closed down 9.44% on Monday, while Hong Kong’s OKG Tech lost 9.09%.
  • Fears of new tariffs by U.S. President Donald Trump on imports from Canada, Mexico and China triggered a sell-off in border cryptocurrency markets.

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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© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Timmy Shen is an Asia editor for The Block. Previously, he wrote about crypto and Web3 for Forkast.News from Taiwan after spending more than three years in Beijing covering finance, entertainment business and current affairs at Caixin Global and Chinese tech at TechNode. His China-related reporting has also appeared in The Guardian. When he's not chasing headlines, you'll find him savoring hot pot and shabu shabu in a Taipei local haunt. Timmy holds an MS degree from Columbia University Graduate School of Journalism. Send tips to [email protected] or get in touch on X/Telegram @timmyhmshen.

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