Bitcoin Climbs Past $79K While Asia Markets Sink into Volatility

Asian markets kicked off the week with sharp losses, echoing the global risk-off sentiment that’s been building since the U.S. announced sweeping tariffs. While Bitcoin (BTC) held above $79,000 during early Monday Asia trading, broader crypto and equity markets were hit hard.

The CoinDesk 20 index plunged 8%, with Ethereum (ETH) down 11%, Solana (SOL) off 10%, and XRP sliding 9%. Lending protocol tokens like Maker (MKR) and Aave (AAVE) were among the biggest losers, both dropping around 14%.

In equities, Hong Kong’s Hang Seng Index fell over 8%, Shanghai’s SSE was down 7%, and Taipei’s TAIEX dropped 9%. TSMC shares opened 10% lower, triggering Taiwan’s volatility halt mechanism. This came despite news that Taiwanese chips would be exempt from U.S. tariffs — but with the CHIPS Act facing uncertainty, investor nerves remain high.

Alibaba and Tencent saw double-digit declines in Hong Kong, adding to the regional tech slump. Analysts warn that TSMC’s sharp correction could be a harbinger for U.S. tech darlings like Nvidia when U.S. markets reopen.

According to CoinGlass, over $675 million in crypto longs were liquidated in the last 12 hours, compared to just $123 million in shorts — a clear sign of capitulation.

Even meme tokens weren’t spared. The TRUMP coin — tied to the former president — dropped 13% on the day, underperforming many majors.

Markets remain jittery heading into the new week. With volatility surging and safe havens faltering, all eyes are on Monday’s U.S. open.

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