Bitcoin drops to $81,400 as Asian chip stocks tumble, options traders seek downside protection
Bitcoin prices fell to $81,400 as Asian chip stocks declined amid concerns over AI spending. The broader crypto market saw similar downward pressure, with various altcoins and DeFi tokens experiencing losses.
Why it matters
The correlation between traditional tech stock performance and cryptocurrency volatility underscores the increasing integration of digital assets into global financial markets.
Asian stocks set the tone, with South Korea’s benchmark Kospi index falling 3.73% to its lowest close since April 7 as SK Hynix and Samsung Electronics declined with renewed worries over AI spending weighing on chipmakers’ shares. Nasdaq 100 futures fell 0.31%.
Altcoin losses were broadly in line with bitcoin. Ether ETH $2,384.94 fell 0.9% to near $2,385 and the CoinDesk 80 (CD80) lost 0.34%, compared with a 0.33% drop for the bitcoin-heavy CoinDesk 5 (CD5). DeFi gave back Monday’s lead, with the sector index (DFX) dropping 1.2%, the weakest of the CoinDesk benchmarks.
Brent crude is near $110 a barrel as Houthi attacks on Saudi Arabia keep supply risks in view. Roughly 70 S&P 500 companies report earnings this week, with General Motors before the bell and United Airlines after the close.
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