Global market nerves deepen as AI-related selloff spreads to South Korea
Nervous trading spreads across markets
Market nervousness continued on Tuesday as a selloff tied to artificial intelligence stocks deepened, according to CoinDesk's live coverage. South Korea's KOSPI index fell almost 4%, and data center company Elice tumbled around 30% in what CoinDesk described as one of the weakest stock market debuts in the country's history.
Major cryptocurrencies also moved lower. CoinDesk's price data showed bitcoin (BTC) at $81,351.31, down 0.85%, and ether (ETH) at $2,389.75, down 0.40%. Solana (SOL) was nearly flat, up 0.046% at $104.26.
Key numbers from the session
- South Korea's KOSPI fell almost 4%.
- Data center firm Elice dropped around 30% on its market debut.
- Bitcoin traded at $81,351.31, down 0.85%, and ether at $2,389.75, down 0.40%, per CoinDesk price data.
- U.S. housing starts in September fell 5.2% to a seasonally adjusted annualized rate of 1.221 million, below economist forecasts of 1.3 million.
- Building permits came in at 1.4 million, slightly above the 1.39 million forecast.
Weak U.S. housing data adds to the picture
CoinDesk reported that September housing starts fell 5.2% to a seasonally adjusted annualized rate of 1.221 million, well under economist forecasts of 1.3 million. August starts were 1.288 million. Building permits slipped to 1.4 million from 1.403 million, but came in slightly above forecasts of 1.39 million.
The report also noted that, a day earlier, the NAHB said homebuilder confidence had fallen to its weakest level since 2012. CoinDesk framed the housing figures as further evidence that higher interest rates are weighing on the economy.
What is confirmed
The KOSPI decline, the size of Elice's drop, the U.S. housing and building permit figures, the NAHB confidence reading, and the cryptocurrency prices listed above are all reported in the CoinDesk live blog and its accompanying market data.
What is still unclear
The coverage shows market moves happening at the same time but does not establish a single confirmed cause for all of them. The relationship between the AI stock selloff, the weak South Korean debut, the housing data, and the crypto price moves is presented as context rather than a proven chain of cause and effect.
Why it matters
When broader markets turn cautious, crypto often moves alongside them, as the price data in this session shows. Weak housing figures can also signal pressure on the wider economy, which CoinDesk links to higher interest rates. These are observations about the current session, not forecasts.
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.