Asian stock markets wipe out over $1 trillion in a single day, Bitcoin holds at $75,000

on November 6, according to Bitcoin.com News, the tech stock sell-off following the US midterm elections has spread to Asia: South Korea's KOSPI plunged as much as 9% intraday, triggering a circuit breaker for the seventh time this year; Japan's Nikkei 225 fell more than 20% from its peak, entering a technical bear market; and the Taiwan Weighted Index dropped approximately 9%. Market participants estimated that the stock markets of South Korea, Japan, and mainland China combined erased over $1 trillion in market value that day.

The sell-off began Thursday New York time, with the Nasdaq 100 plummeting 6.4% and erasing approximately $2.5 trillion in market capitalization, while the semiconductor sector fell 12%. Investors are beginning to price in the stricter scrutiny facing AI and data center expansion. Bitcoin dropped roughly 6% over a 24-hour period to trade at approximately $75,600, showing a smaller decline than tech stocks; analyst Alex Krüger noted that this is the second time in history that the Nasdaq has fallen more than 5% while Bitcoin posted a smaller decline.