Bitcoin slumps in opposition to the Taiwan Greenback as Taiwan’s largest public firm sees greatest crash in historical past amid President Trump’s tariff announcement.
Bitcoin confronted sharp promoting stress on April 7, tumbling 7.8% in opposition to the Taiwan greenback and marking a one-month low. Notably, the stoop comes amid a broader international market meltdown triggered by President Donald Trump’s sweeping tariff announcement, which triggered fears of a international commerce conflict.
Bitcoin Crashes Towards Taiwan Greenback Alongside TSMC
The affect unfold via Taiwan, the place the nation’s inventory market suffered its most extreme single-day drop on document, in response to a report from the Central Information Company Taiwan. Main the carnage was Taiwan Semiconductor Manufacturing Firm (TSMC), the nation’s most beneficial publicly traded agency, which skilled its steepest plunge in historical past.
TSMC, which accounts for greater than a 3rd of the market capitalization of the Taiwan inventory trade, opened 94 TWD decrease and immediately hit the limit-down worth of 848 TWD. This represented a virtually 10% drop from the earlier shut, wiping out over 2.4 trillion TWD in market worth in a matter of minutes.
Since its January peak of 1,160 TWD, TSMC’s inventory has now fallen by 26.9%, with over 8 trillion TWD in worth erased. The steep decline pushed the firm, and the broader tech-heavy market, firmly into bear territory.
In the meantime, Bitcoin, which has continued to correlate with conventional monetary markets throughout bearish climates, mirrored the worldwide risk-off sentiment after displaying preliminary resilience final week.
Over a 48-hour span starting April 5, BTC skilled successive declines in opposition to the Taiwan greenback, culminating on this morning’s 1.89% dip to 2.55 million TWD. Towards the U.S. greenback, the asset has dropped 7.3% in the identical interval, now buying and selling at a one-month low of $76,914. The cumulative losses in April have shaved roughly $110 billion off Bitcoin’s market cap.
🌐 Every day Crypto Costs Replace 🌐… pic.twitter.com/kLzvxsuFZf
— TheCryptoBasic (@thecryptobasic) April 7, 2025
Surprisingly, even conventional safe-haven belongings like gold have didn’t act as efficient hedges amid the present turmoil. The dear steel is down 2.65% in April, as buyers retreat from threat publicity throughout the board.
Taiwan Inventory Market Crash
In the meantime, inside Taiwan, the worldwide crash didn’t solely affect TSMC. Particularly, the Taiwan inventory market opened after the Qingming Pageant to a storm of panic promoting, diving greater than 2,000 factors in early buying and selling and falling under the psychologically essential 20,000-point threshold.
The weighted index nosedived almost 9.7%, dropping to 19,212 factors and setting new information for each intraday level decline and proportion fall. Over a thousand shares hit their decrease buying and selling limits shortly after the market opened, together with main blue-chip names and high expertise companies.
Different main electronics companies mirrored TSMC’s plunge. Foxconn and MediaTek additionally hit their day by day limit-down costs at market open. Additional, AI-focused firms like Quanta and Wistron suffered related declines.
Moreover Taiwan, the fallout prolonged throughout Asia and the Center East. Japan’s Nikkei Index tumbled greater than 2,500 factors on the open, whereas Hong Kong’s market dropped over 2,000 factors. Chinese language indexes noticed dramatic losses, with the Shanghai Composite Index falling 6% and the Shenzhen market almost 8% decrease.
Saudi Arabia skilled its largest single-day drop in 5 years, plunging virtually 7%. In South Korea, losses exceeded 5%, triggering a halt in programmatic buying and selling. Notably, U.S. Shares additionally prolonged their losses, with the NASDAQ collapsing 6% on Friday.
