Bitcoin remained above $75,000 on Friday as a sell-off in US technology stocks spread to Asian markets, raising concerns over tighter artificial intelligence (AI) regulations following the US midterm elections. BTC fell as much as 6.6% on Thursday to around $75,109 on Bitstamp before stabilizing near its 50-week simple moving average of $75,733.
The global market downturn also hit South Korea, where the KOSPI Composite Index plunged more than 8% shortly after Friday’s opening, triggering a 20-minute trading halt. The index later recovered some losses but still closed 6% lower at 5,059.69 points. In response, South Korean authorities announced a three-month exemption from the 140% margin-loan collateral requirement for brokerages, starting Monday, to reduce forced selling and market volatility.
Analysts linked the sell-off to concerns that stronger US AI regulations could affect technology companies following Democratic election gains. The Philadelphia Semiconductor Index dropped 12.2% on Thursday, while the S&P 500 and Nasdaq Composite declined 4.4% and 5.5%, respectively. Market analysts described the decline as largely technical rather than fundamental, arguing that an outright US ban on AI development remains unlikely.
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Bitcoin fell more than 6% to a seven-week low on Thursday, dropping below $76,000 as US stocks reversed their post-midterm election gains and investors moved.
US spot Bitcoin exchange-traded funds (ETFs) recorded approximately $1.16 billion in net outflows over three trading sessions, raising concerns about investor sentiment. However, Bitwise believes.
Bitcoin edged higher during Tuesday’s Wall Street trading session, defending recent lows near $76,300 as investors assessed uncertainty surrounding the US midterm elections and a.
