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Bitcoin holds $75K as AI regulation fears see KOSPI halted after 8% crash

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Bitcoin holds $75K as AI regulation fears see KOSPI halted after 8% crash

Bitcoin consolidated as fears over US AI regulation spread to Asia, causing South Korea to announce measures to calm stock-market volatility.

Bitcoin (BTC) held above $75,000 on Friday as a sell-off in US technology stocks spread to Asian markets.

Data from TradingView showed BTC/USD trading near its 50-week simple moving average (SMA), at $75,733.

The pair fell as much as 6.6% on Thursday as US stock markets saw sustained selling throughout the Wall Street trading session. The S&P 500 and tech-heavy Nasdaq Composite closed down 4.4% and 5.5%, respectively.

On Friday, Asian stocks extended the sell-off. South Korea’s KOSPI Composite Index fell more than 8% shortly after the open, triggering a circuit breaker that halted trading for 20 minutes. The index then pared losses to close 6% lower at 5,059.69 points, its lowest close since March 31.

At an emergency meeting, Korea’s deputy prime minister and finance minister Lee Hyoung-il announced measures to reduce forced selling.

Brokerages will be exempt from a requirement to maintain a 140% collateral ratio on margin loans for three months from Monday, local media reported. Authorities said they would prepare futher measures if volatility increased.

“We recognize with gravity the expanding volatility in global stock markets following the U.S. midterm elections,” Chosun quoted an unnamed government source as saying.

Analysts linked Thursday’s Wall Street losses to fears of tighter AI regulation after Democrats won the House and Senate. Those fears compounded existing market concerns about the sector’s capital spending.


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