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Asia Stocks, Gold Rebound; Bitcoin’s Weekly Loss Doubles Gold’s

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Asia Stocks, Gold Rebound; Bitcoin's Weekly Loss Doubles Gold's

Asian equities and precious metals staged a sharp recovery on Tuesday after their steepest two-day drop since April, but Bitcoin continues to lag in its recovery.

The divergence highlights a persistent trend since late 2025: traditional assets continue to attract capital while crypto struggles to keep pace.

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Asian Markets Post Strong Gains

The MSCI Asia Pacific Index advanced 2.2%, erasing most of Monday’s losses. South Korea’s KOSPI led the region with a surge of over 5.63%, followed by Japan’s Nikkei 225 at 3.90% and India’s Sensex at 2.70%.

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Index Price Change % Change
S. Korea: KOSPI 5,228.16 +278.49 +5.63%
Japan: Nikkei 225 54,709.86 +2,054.68 +3.90%
India: S&P BSE Sensex 83,868.90 +2,202.44 +2.70%
Australia: S&P/ASX 8,871.6 +93.0 +1.06%
China: Shanghai Composite 4,031.07 +15.32 +0.38%
Hong Kong: Hang Seng 26,830.50 +54.93 +0.21%
Data as of 5:00 am UTC, February 3, 2026.

South Korea, which market analysts describe as the world’s best-performing stock index this year, saw its market rebound after plummeting on Monday. Tech shares rallied across the region, with Nasdaq 100 futures also rising after Palantir posted a stronger-than-expected sales outlook.

Hong Kong’s Hang Seng and Shanghai Composite also turned positive, gaining 0.21% and 0.38% respectively, marking a region-wide recovery.

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Gold and Silver Claw Back Losses

Gold jumped 3.25% to $4,810 an ounce, while silver surged 8% to over $83, clawing back some losses after a record-breaking rally abruptly unwound late last week.

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Precious metals surged to record highs last month amid renewed concerns about geopolitical upheaval, currency debasement, and threats to the Federal Reserve’s independence. A wave of buying from Chinese speculators supercharged the rally before it reversed on Friday.

Chinese buyers provided support for the recovery. Over the weekend, buyers flocked to the country’s biggest bullion marketplace in Shenzhen to stock up on gold jewelry and bars ahead of the Lunar New Year holiday starting February 16.

Deutsche Bank maintained its forecast that gold will rally to $6,000 an ounce, while Pepperstone noted that the foundations supporting gold remain largely unchanged since the correction.

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Bitcoin Lags in Recovery

Bitcoin rebounded 4% over 24 hours to $78,899, roughly matching gold’s daily gain. However, looking at the weekly picture tells a different story.

Over seven days, Bitcoin has fallen 12.1%, more than double gold’s 5.06% decline over the same period. The leading cryptocurrency dropped from above $92,000 to below $75,000 before recovering to current levels.

Source: CoinGecko

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This pattern echoes a trend that emerged in late 2025, when Korean retail investors rotated from crypto to equities as the KOSPI hit record highs. At that time, trading volume on Korea’s five major crypto exchanges collapsed by over 80% while the stock market surged 71.8% year-to-date.

The divergence suggests that while crypto is participating in the broader risk-asset recovery, it continues to underperform traditional assets in both magnitude of gains and speed of recovery.

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What’s Next

Analysts remain cautious about calling a bottom. Some warn that catching the falling knife remains risky and that traders should stay alert to the risk of a dead-cat bounce, while others characterize the commodity price action as more about a positioning shakeout of leveraged hands than a change in the fundamental story, calling it a market to watch for vulnerabilities and extremes.

For Bitcoin, the key question is whether it can close the performance gap with traditional assets, or whether the pattern of relative underperformance will persist, as it has since late 2024.

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Crypto World

Iran is Weighing Crypto Tolls for Ships using Strait of Hormuz: Report

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Iran is Weighing Crypto Tolls for Ships using Strait of Hormuz: Report

Hours after US President Donald Trump claimed that Iran and the United States had agreed to a two-week ceasefire that included opening the Strait of Hormuz, Iranian authorities are reportedly considering charging ships using the waterway in cryptocurrency.

According to a Wednesday Financial Times report, a spokesperson for Iran’s Oil, Gas and Petrochemical Products Exporters’ Union said empty oil tankers will be able to pass through the Strait of Hormuz without incurring charges, but certain ships will need to pay a tariff of $1 per barrel of oil in Bitcoin (BTC).

The spokesperson, Hamid Hosseini, reportedly said Iranian authorities would also assess each ship using the waterway over the two-week period to ensure it wasn’t transporting weapons.

“Once the email arrives and Iran completes its assessment, vessels are given a few seconds to pay in Bitcoin, ensuring they can’t be traced or confiscated due to sanctions,” said Hosseini, according to the Financial Times.

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Many ships have effectively been cut off from using the Strait of Hormuz to transport oil and other supplies after US-Israel air strikes on Iranian targets in February and March. Amid the move by Iran and geopolitical tensions, the price of crude oil exceeded $100 per barrel for the first time in four years and the prices of many cryptocurrencies were volatile, with BTC fluctuating between $65,000 and $75,000.   

Related: Bitcoin reclaims $72K after US, Iran agree to 2-week ceasefire

Trump claimed on his Truth Social platform on Tuesday that the ceasefire deal included  the suspension of the “bombing and attack of Iran for a period of two weeks” and the “complete, immediate, and safe opening of the Strait of Hormuz.” Iran’s state media reported that the country delivered a 10-point plan to the US president as a condition for the deal, including continued control of the waterway and the end of sanctions on Iran.

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Prior to war, Iran still used crypto to bolster its currency

Before the escalation of hostilities between US-Israeli forces and Iran in February, reports suggested that Iran had been using digital assets to evade sanctions amid its currency, the rial, dropping against the US dollar.

Blockchain analytics platform Elliptic reported in January that Iran’s central bank acquired half a billion dollars worth of Tether’s USDt (USDT) stablecoin. TRM Labs also tracked about $3.7 billion in total crypto flows in Iran between January and July 2025.

Magazine: ‘Phantom Bitcoin’ checks, Drift hack linked to North Korea: Asia Express

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