Bitcoin struggled to reclaim $60,000 on Friday, marking its first daily close below this level since September 2024, as global market volatility, particularly in Asian tech stocks, and rising US inflation concerns weighed on risk assets.
Tech stocks globally experienced a significant sell-off, led by SoftBank Group's 12% plunge, driven by mounting concerns over the rising costs of AI infrastructure and its potential impact on major technology companies' margins, affecting markets across Asia, Europe, and the US.
SoftBank Group shares dropped over 13% on Friday, leading a broad Asian tech stock selloff due to rising AI infrastructure costs. Concerns were amplified by Apple's price hikes and potential delays in OpenAI's IPO.
South Korea's Korea Exchange activated a circuit breaker for the KOSPI benchmark index, halting trading for 20 minutes, after the index plummeted over 8% due to a slump in tech heavyweights. This marks the fifth such activation this year.
Bitcoin ETFs experienced significant outflows, totaling $469 million, signaling waning institutional interest. This, coupled with a put-heavy options expiry and rising US Treasury yields, has shifted investor focus towards tech stocks, which are showing strong performance.
Bitcoin experienced significant outflows from spot ETFs and a bearish options expiry, signaling waning institutional demand. Investors are shifting focus to tech stocks, driven by strong earnings and government support for AI initiatives, while fixed income offers a safer hedge.
Elon Musk's net worth dropped below $1 trillion, less than two weeks after achieving the milestone, due to a sharp decline in SpaceX and Tesla shares fueled by broader tech stock tumble and AI profitability doubts. He remains the world's richest person, but his wealth is highly concentrated.
Asian technology stocks traded mixed on Wednesday, with an early rebound fading after a sharp global selloff. South Korean chipmakers like Samsung Electronics saw volatile trading, while Japanese and Chinese tech firms also delivered mixed results. Analysts suggest the selloff may be a pause rather than a sign of weakening fundamentals.
Global markets saw a rebound Wednesday after a tech selloff on Tuesday. South Korea's Kospi jumped over 3% after a 10% plunge, while Asia's tech stocks recovered. MSCI kept South Korea as an emerging market, citing currency convertibility, and Indonesia faces downgrade risks.
Asian technology stocks, led by South Korea's semiconductor giants Samsung Electronics and SK Hynix, rebounded on Wednesday after a significant global selloff. The Kospi Index saw a notable recovery, with analysts suggesting the previous day's losses were a pause rather than a sign of weakening fundamentals.
Tech stocks, including Nvidia, Google, and Micron, saw significant drops as investors question the return on investment for massive AI spending. Micron's shares plummeted over 13%, reflecting broader market jitters and concerns about a potential AI bubble.
Bitcoin and other cryptocurrencies experienced a decline on Tuesday, mirroring a sell-off in tech stocks. Investors are showing a reduced appetite for risk, influenced by a firmer consensus on interest rate hikes and signals from the Federal Reserve.
Wall Street saw a tech sell-off with the Nasdaq Composite down 1.32%. SpaceX shares plummeted 16%. The US Treasury issued a 60-day license for Iranian oil production. The UK marked the 10-year anniversary of the Brexit vote.
Wall Street saw declines in the S&P 500 and Nasdaq as big tech stocks like Alphabet and Microsoft fell. Meanwhile, the UK is set to welcome its seventh prime minister in a decade following Keir Starmer's resignation, with Andy Burnham expected to take office.
Intertek's £10bn takeover by EQT-led consortium, while not a landmark event, highlights London's market issues. It's the third FTSE 100 company taken over this year, with few new listings.
French economist Gabriel Zucman questions if democracy can endure trillionaires, citing their immense power. Meanwhile, Australia's Reserve Bank governor Michele Bullock signaled potential further interest rate hikes to combat inflation, though markets remain uncertain. Oil prices have plummeted due to an interim agreement between the US and Iran, impacting energy stocks.
Asian tech stocks rallied Monday, led by SoftBank, Tokyo Electron, and Samsung Electronics, on news of a potential peace deal between Iran and the U.S. The agreement, brokered by Pakistan, aims to end the Middle East conflict and reopen the Strait of Hormuz.
Surging oil prices and rising producer inflation prompt stricter US Fed policy expectations, impacting Bitcoin's hedge value as Nasdaq 100 drops 7.5%, wiping out $2.7 trillion, with Bitcoin support at $60,000 at risk.
SpaceX's IPO is reportedly oversubscribed by nearly four times, attracting over $250 billion in demand for its $75 billion offering. Analysts suggest this could be draining liquidity from tech and crypto markets, causing a temporary rotation rather than a broader bear market.
Stock markets in Asia and Europe fell after a sharp US tech sell-off raised concerns over AI valuations and funding needs. Oil prices jumped on renewed Iran-Israel conflict before retreating after Iran said it was halting military operations.
Technology stocks, particularly chipmakers like Broadcom and Micron, declined on Thursday due to investor concerns over AI spending and market expectations catching up with the sector's strong performance. Analysts suggest a market 'rest' is due after significant gains.
Technology stocks declined Thursday, led by chipmakers Broadcom, Micron, and Marvell, as investors exited the semiconductor sector. Concerns over AI spending slowdown and chip price drops contributed to the sell-off.
Technology stocks, particularly chipmakers like Broadcom, Micron, and Marvell, experienced significant drops in premarket trading Thursday. Broadcom shares plunged 14.6% following weaker-than-expected earnings, signaling a broader retreat from the semiconductor sector.
Asian stock markets experienced significant losses on Thursday due to renewed Middle East tensions and a sell-off in technology stocks. The Nikkei in Tokyo fell 1.4%, with AI and chip-related stocks under pressure after a weak outlook from Broadcom.
