<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-dips-as-global-stock-sell-off-spreads-to-asia" rel="noopener noreferrer nofollow">Bitcoin Dips as Global Stock Sell-Off Spreads to Asia</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/bitcoin-struggles-to-keep-pace-as-financial-winds-shift" rel="noopener noreferrer nofollow">Bitcoin</a> endured a significant dip on Friday, maintaining a position above $75,000, as a wave of selling pressure originating from U.S. tech stocks reverberated through Asian markets. The cryptocurrency fell sharply by 6.6% to $75,109, according to Bitstamp data, before it managed to recover some losses.</p>
<h2 id="selling-pressure-hits-asian-markets">Selling Pressure Hits Asian Markets</h2>
<p style="text-align: justify">According to TradingView data, the <a href="https://en.bitcoinhaber.net/bitcoins-supply-drop-sparks-price-speculation" rel="noopener noreferrer nofollow">BTC</a>/USD pair hovered near its 50-week simple moving average, marked at $75,733. Meanwhile, the selling pressure on Wall Street persisted throughout the day, with the S&amp;P 500 ending down 4.4% and the tech-heavy Nasdaq Composite dropping 5.5%.</p>
<p style="text-align: justify">In Asia, the weakness became even more pronounced. South Korea’s KOSPI Composite Index dropped over 8% shortly after opening on Friday, triggering a circuit breaker that halted trading for 20 minutes. Although the index recovered slightly, it still closed down 6% at 5,059.69, marking its lowest close since March 31.</p>
<blockquote>
 <p>South Korean officials stated they are closely monitoring the volatility in global stock markets following the U.S. midterm elections and are preparing additional measures should the turbulence intensify.</p>
</blockquote>
<p style="text-align: justify">Following an emergency meeting, South Korea’s Deputy Prime Minister and Finance Minister, Lee Hyoung Il, announced measures aimed at curtailing forced sales. From Monday, brokerage firms will be exempt from the 140% margin requirement on margin loans for a three-month period. Officials hinted at further measures if volatility escalates.</p>
<h2 id="regulatory-concerns-cast-shadow-over-tech-stocks">Regulatory Concerns Cast Shadow Over Tech Stocks</h2>
<p style="text-align: justify">Market observers linked Thursday’s sharp declines on Wall Street to regulatory concerns surrounding artificial intelligence, exacerbated by the Democrats’ electoral victories in both chambers of Congress. Coupled with already high capital expenditure burdens, these worries intensified pressure on technology stocks.</p>
<p style="text-align: justify">The Kobeissi Letter cited U.S. Democrat Representative Yassamin Ansari’s calls for a pause in advanced AI development, dismissing the likelihood of a total AI ban, arguing such a move would weaken the U.S. position against China in the global AI race.</p>
<blockquote>
 <p>The Kobeissi Letter emphasized that a ban on AI in the U.S. is unlikely and would impair the nation’s global competitiveness.</p>
</blockquote>
<p style="text-align: justify">The sell-off was notably concentrated in the technology sector. Excluding tech companies, the decline in the S&amp;P 500 was limited to approximately 2.5%. The Philadelphia Semiconductor Index, which tracks 30 companies in the semiconductor industry, ended Thursday with a 12.2% loss.</p>
<h2 id="strengthening-correlation-between-bitcoin-and-stock-markets">Strengthening Correlation Between Bitcoin and Stock Markets</h2>
<p style="text-align: justify">Economist Mohamed El Erian advocated for a common ground approach in AI policy, highlighting the compatibility of the U.S.’s current lax approach with productivity potential and national security goals while pointing out deficiencies in safety, dissemination, and social coherence.</p>
<p style="text-align: justify">El Erian also noted that market reactions are not solely driven by political headlines, as genuine concerns, lack of information, and behavioral factors contribute to market dynamics. Recent months have seen a stronger correlation between Bitcoin and the S&amp;P 500, making the cryptocurrency more susceptible to shifts in risk appetite.</p>
<h5><span style="font-weight:bold;font-size:16px">Continue Reading: </span><a href="https://en.bitcoinhaber.net/bitcoin-dips-as-global-stock-sell-off-spreads-to-asia" rel="noopener noreferrer nofollow">Bitcoin Dips as Global Stock Sell-Off Spreads to Asia</a></h5>

Bitcoin Dips as Global Stock Sell-Off Spreads to Asia

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