Bitcoin slumps against the Taiwan Dollar as Taiwan’s largest public company sees biggest crash in history amid President Trump’s tariff announcement.
Bitcoin faced sharp selling pressure on April 7, tumbling 7.8% against the Taiwan dollar and marking a one-month low. Notably, the slump comes amid a broader global market meltdown triggered by President Donald Trump’s sweeping tariff announcement, which triggered fears of a global trade war.
Bitcoin Crashes Against Taiwan Dollar Alongside TSMC
The impact spread through Taiwan, where the nation’s stock market suffered its most severe single-day drop on record, according to a report from the Central News Agency Taiwan. Leading the carnage was Taiwan Semiconductor Manufacturing Company (TSMC), the country’s most valuable publicly traded firm, which experienced its steepest plunge in history.
TSMC, which accounts for more than a third of the market capitalization of the Taiwan stock exchange, opened 94 TWD lower and instantly hit the limit-down price of 848 TWD. This represented a nearly 10% drop from the previous close, wiping out over 2.4 trillion TWD in market value in a matter of minutes.
Since its January peak of 1,160 TWD, TSMC’s stock has now fallen by 26.9%, with over 8 trillion TWD in value erased. The steep decline pushed the company, and the broader tech-heavy market, firmly into bear territory.
Meanwhile, Bitcoin, which has continued to correlate with traditional financial markets during bearish climates, mirrored the global risk-off sentiment after showing initial resilience last week.
Over a 48-hour span beginning April 5, BTC experienced successive declines against the Taiwan dollar, culminating in this morning’s 1.89% dip to 2.55 million TWD. Against the U.S. dollar, the asset has dropped 7.3% in the same period, now trading at a one-month low of $76,914. The cumulative losses in April have shaved roughly $110 billion off Bitcoin’s market cap.
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Surprisingly, even traditional safe-haven assets like gold have failed to act as effective hedges amid the current turmoil. The precious metal is down 2.65% in April, as investors retreat from risk exposure across the board.
Taiwan Stock Market Crash
Meanwhile, within Taiwan, the global crash did not only impact TSMC. Specifically, the Taiwan stock market opened after the Qingming Festival to a storm of panic selling, diving more than 2,000 points in early trading and falling below the psychologically important 20,000-point threshold.
The weighted index nosedived nearly 9.7%, dropping to 19,212 points and setting new records for both intraday point decline and percentage fall. Over a thousand stocks hit their lower trading limits shortly after the market opened, including major blue-chip names and top technology firms.
Other major electronics firms mirrored TSMC’s plunge. Foxconn and MediaTek also hit their daily limit-down prices at market open. Further, AI-focused companies like Quanta and Wistron suffered similar declines.
Besides Taiwan, the fallout extended across Asia and the Middle East. Japan’s Nikkei Index tumbled more than 2,500 points at the open, while Hong Kong’s market dropped over 2,000 points. Chinese indexes saw dramatic losses, with the Shanghai Composite Index falling 6% and the Shenzhen market nearly 8% lower.
Saudi Arabia experienced its largest single-day drop in five years, plunging almost 7%. In South Korea, losses exceeded 5%, triggering a halt in programmatic trading. Notably, U.S. Stocks also extended their losses, with the NASDAQ collapsing 6% on Friday.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
