On April 7, cryptocurrencies listed on significant Asian and European exchanges experienced substantial declines, with a number of Asian crypto stocks reporting double-digit drops. While European markets are still operating at the time of this report, they have already recorded considerable losses.
In Japan, stocks associated with cryptocurrencies on the Tokyo Stock Exchange faced severe downturns. Metaplanet Inc., Monex Group Inc., and SBI Holdings saw their stock prices decrease by 20.26%, 10.29%, and 11%, respectively.
The downturn in crypto stocks was also palpable in Hong Kong, where OSL Group’s shares dropped by 11.61%, and Okg Technology Holdings Ltd. experienced a decline of 16.56%. Grandshores Technology Group Ltd. suffered the largest loss, with its stock falling by 19.54%.
Losses on the Shanghai Stock Exchange were somewhat less severe, though still noteworthy. Industrial and Commercial Bank of China saw a reduction of 1.89%, while China Construction Bank and Yonyou Network Technology Co Ltd. recorded declines of 0.45% and 9.99%, respectively.
With Asian exchanges now closed, European markets are still trading, and numerous crypto stocks have already faced significant intraday losses. CoinShares International Ltd. on Nasdaq Stockholm has seen a drop of 5.79%, SAP SE on the Frankfurt Stock Exchange has experienced a 5.02% decline, and Argo Blockchain PLC on the London Stock Exchange is down by 1.18%.
The U.S. trading session is anticipated to open under considerable selling pressure. Crypto-related stocks are expected to continue facing challenges. Premarket indications suggest further weakness ahead: Coinbase Global Inc. has decreased by 7.82%, a more pronounced fall compared to its 5.98% dip at the end of Friday’s session. Even Strategy—which posted a gain of 4.01% on Friday—is indicating a sharp premarket drop of 10.02%.
Given the significant downturns in crypto stocks across major exchanges in Asia and Europe, the prospects for U.S. crypto equities look grim. Even Strategy, which previously resisted the trend on Friday, is now signaling a significant 10.02% decline in premarket trading. This suggests that the prevailing negative sentiment surrounding crypto stocks is likely to continue, with additional losses expected as the U.S. trading session commences.