Bitcoin stays above $75K as KOSPI falls due to AI regulation fears
Bitcoin holds steady amid market sell-offs
Bitcoin (BTC) managed to stay above $75,000 as fears about tighter US regulation of artificial intelligence (AI) led to significant sell-offs in global markets, particularly in Asia.
The currency saw a slight recovery after dropping by 6.6% to $75,109 on Thursday. By Friday, it was trading around $75,733, just below its 50-week moving average.
KOSPI triggers trading halt after sharp drop
- South Korea’s KOSPI Composite Index fell over 8% shortly after opening on Friday, triggering a trading halt.
- The index closed down 6% at 5,059.69 points, marking its lowest point since March.
- The South Korean government announced a three-month waiver of collateral requirements for margin loans to support brokerages.
Market analysis links losses to regulatory fears
Market analysts indicated that the sell-off was largely driven by concerns regarding AI regulation following the recent US midterm elections. The Philadelphia Semiconductor Index, significant due to its ties to technology stocks, plummeted by 12.2% on Thursday.
Despite the turmoil, some analysts believe an outright ban on AI in the US is very unlikely, as it would potentially hinder the country’s position in the global AI race.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.
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