On April 7, crypto stocks across major Asian and European exchanges suffered steep losses, with Asian crypto stocks seeing double-digit declines. While European exchanges remain open at press time, crypto stocks there have already posted significant losses.
In Japan, crypto-related stocks on the Tokyo Stock Exchange were hit particularly hard. Metaplanet Inc., Monex Group Inc., and SBI Holdings all experienced sharp declines, with their stock prices falling by 20.26%, 10.29%, and 11%, respectively.
The crypto stock downturn was also felt in Hong Kong, with OSL Group’s stock declining by 11.61% and Okg Technology Holdings Ltd. falling by 16.56%. Grandshores Technology Group Ltd. recorded the steepest loss, with its stock plummeting by 19.54%.
Losses on the Shanghai Stock Exchange were somewhat more moderate but still notable. Industrial and Commercial Bank of China fell by 1.89%, while China Construction Bank Ord Shs A and Yonyou Network Technology Co Ltd. dropped by 0.45% and 9.99%, respectively.
While the Asian exchanges have closed, European markets remain open, and many crypto stocks have already suffered significant intraday losses. CoinShares International Ltd. on Nasdaq Stockholm has fallen by 5.79%. SAP SE stock on Frankfurt Stock Exchange in Germany decreased by 5.02%. Argo Blockchain PLC on the London Stock Exchange is down by 1.18%.
The U.S. session is set to open under heavy selling pressure. Crypto-related equities are likely to face pressure. Premarket data suggests further weakness: Coinbase Global Inc. is down 7.82%, a steeper decline than its 5.98% drop at Friday’s close. Even Strategy—which gained 4.01% on Friday—is showing a sharp premarket drop of 10.02%.
Given the steep declines in crypto stocks across major exchanges in Asia and Europe, the outlook for U.S. crypto equities appears bleak. Even Strategy, which bucked the trend on Friday, is showing a sharp decline of 10.02% in premarket trading. This suggests that the negative sentiment surrounding crypto stocks is likely to persist, and further losses could be expected as the U.S. session opens.
Read the full article here