The global tariffs implemented by the Trump administration have triggered a global financial shock, with Asian stock markets suffering a devastating blow at the opening of this week, creating a scene of market despair that inevitably reminds people of the historical "Black Monday".
Bitcoin Drops to $77,700
The cryptocurrency market was not spared either. Bitcoin was fluctuating around $83,000 over the weekend, but began breaking through key support levels this morning. Around 7 AM, it briefly plummeted to a low of $77,142, marking a one-month low point. Before the deadline, it slightly rebounded, temporarily reporting at $78,434.
Other top 10 cryptocurrencies experienced even more severe declines. Ethereum once fell below $1,600, and Solana dropped below $110, with a nearly 24-hour decline of 11%.
Asian Stock Markets Collapse
The Taiwan stock index futures, which did not trade last week due to a holiday, plummeted over 2,000 points at opening, with a decline of 9.69%, creating the second-largest intraday drop in history. TSMC, MediaTek, Foxconn, and Fubon Financial were all limit down, while Chunghwa Telecom dropped over 5%.
Although the Taiwan Stock Exchange held a press conference before market opening, and Chairman Lin Xiu-ming emphasized confidence in the Taiwan stock market and mentioned potential stabilization measures, it was clearly insufficient to reassure investor confidence.
The Nikkei 225 index also gapped down significantly at Monday's opening, breaking through the 31,000-point mark, opening at 30,932 points, a sharp decline of 2,848 points or 8.4% from the previous trading day. As of 9:10 AM Taipei time, the index slightly stabilized, temporarily reporting at 31,186 points.
The Osaka Exchange triggered the "circuit breaker" mechanism, suspending trading for 10 minutes. A panic atmosphere pervaded the Tokyo Stock Exchange, with investors frantically selling their holdings and market liquidity facing a severe test.
Compared to Japan, the South Korean stock market's decline was relatively lighter but still severe. The KOSPI opened down 106.17 points, with selling pressure intensifying and the index further declining to 2,332.36 points, a drop of 5.4%. South Korea's economy, highly export-dependent, with technology, semiconductor, and automotive industries as its pillars, saw almost all major companies like Samsung Electronics, SK Hynix, LG Energy Solution, and Hyundai Motor plummeting - the impact of Trump's tariff stick cannot be underestimated.
