Asian crypto stocks decline as Bitcoin hits three-week low

Asian cryptocurrency stocks faced significant declines on February 3, coinciding with Bitcoin's (CRYPTO:BTC) drop to $91,163, marking its lowest point in over three weeks.  

The downturn was particularly evident among major players in the region.

Japan's Metaplanet, known for its substantial Bitcoin treasury policy, saw its shares plummet by 9.44% on the Tokyo Stock Exchange.

SBI Holdings, a key investor in crypto and blockchain technology, also experienced a decline of 3.60%.

In Hong Kong, OSL Group, which operates the city’s first licensed crypto exchange, fell by 2.69%, while Boyaa, the largest publicly traded corporate Bitcoin holder in Asia, lost 4.64%.

Justin d’Anethan from Liquifi noted that these declines are linked to broader market fears stemming from recent tariff announcements by U.S. President Donald Trump.

“Their pronounced declines are linked to [the tariffs], whether you see it as the impact of a trade war on the general stock market or the impact from crypto downturn,” he stated.

The overall impact on crypto stocks was more severe than that on traditional markets; Japan’s Nikkei 225 index dropped by 2.66%, while Hong Kong's Hang Seng index remained relatively stable with a minor decrease of 0.04%.

The recent tariffs imposed by Trump—25% on goods from Mexico and Canada and 10% on imports from China—have raised concerns about potential trade wars and their effects on global markets.

This uncertainty has led to a sell-off in risk assets, including cryptocurrencies.

Despite this turmoil, the crypto market is currently navigating its Lunar New Year trading window, which historically has shown bullish trends.

However, escalating fears surrounding trade tensions could disrupt Bitcoin's decade-long winning streak during this period.

“While this initially doesn’t look crypto-related, tariffs hint at a potential trade war,” d’Anethan remarked, indicating a broader risk sentiment affecting all cryptocurrencies. 

At the time of reporting, the Bitcoin (BTC) price was $101,362.