Bitcoin falls to ten-day lows amid broader market contagion from a sharp decline in Asian semiconductor stocks.
Bitcoin (BTC) slid below $63K at the Wall Street open, extending losses as a sell-off in Asian chip stocks spread to US markets. The decline follows a 10.8% drop in South Korea’s KOSPI Index, driven by heavy losses in semiconductor firms like SK Hynix and Kioxia Holdings.
Crypto liquidations surpassed $500 million in 24 hours, while US tech stocks mirrored the downturn. The Nasdaq Composite fell over 1% at the open, with Micron Technologies plunging more than 10% before partially recovering. Investors are scrutinizing the sustainability of AI infrastructure spending amid rising capex concerns.
The correction reflects broader unease over semiconductor demand and its impact on global tech equities, dragging down risk assets across regions.