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Bitcoin Plunge Pulls Down Stocks; AI Shares Tumble
2 Dec
Summary
- Bitcoin experienced its worst day since March, falling below $86,000.
- Coinbase and other crypto-related stocks saw declines on Monday.
- Artificial intelligence stocks like Broadcom also registered losses.
Asia-Pacific markets anticipated a higher opening on Tuesday, contrasting with a decline on Wall Street influenced by cryptocurrency-related stocks. Bitcoin experienced a significant downturn, plunging approximately 6% to trade below $86,000, marking its worst single-day performance since March. This drop pressured the broader stock market, with digital currency prices struggling to sustain levels above $90,000.
Other companies with strong ties to the digital currency sector, such as Coinbase and Strategy, also witnessed a decrease in their stock values during Monday's trading session. Furthermore, shares of prominent artificial intelligence-related companies, including Broadcom and Super Micro Computer, registered losses of over 4% and 1% respectively, suggesting continued profit-taking within the tech sector.
Looking ahead, Japan's Nikkei 225 index was poised for a higher open, with futures indicating a positive start. Australia's ASX/S&P 200 also rose at the open. Hong Kong's Hang Seng Index futures also pointed towards an increase, suggesting a generally optimistic outlook for some Asian markets despite the earlier volatility.
