Over $1 trillion in market value evaporates from Asian equities in a single day; Bitcoin holds $75,000

TechFlow news, Nov. 6 — According to Bitcoin.com News, the post-U.S. midterm election tech-stock sell-off spread to Asia. South Korea's KOSPI index fell as much as 9% intraday and triggered a circuit breaker, the seventh such halt this year; Taiwan's Weighted Index also fell about 9%, and TSMC hit limit down; the Nikkei 225 fell more than 20% from its peak, entering a technical bear market. Market analysts estimated that South Korean, Japanese, and mainland Chinese stocks collectively lost more than $1 trillion in value that day, with the KOSPI's 6% decline equating to about $203 billion, the Nikkei's 6% decline about $450 billion, and the Shanghai Composite's 1.5% decline about $210 billion. The sell-off began Thursday (New York time), with the Nasdaq 100 plunging 6.4% and wiping out about $2.5 trillion in market value; the Nasdaq Composite fell 5.5%, entering correction territory and sitting nearly 12% below its October high. The semiconductor sector fell 12%, with Nvidia down 9%. The market attributed the trigger to political factors: after Democrats swept both chambers of Congress, investors began pricing in stricter scrutiny of AI and data-center expansion, while Texas governor-elect Gina Hinojosa called for a pause on new data-center construction. Japanese Prime Minister Sanae Takaichi said she is closely watching global markets and noted that it is difficult to determine whether the decline in AI and chip stocks is temporary. Bitcoin was not fully insulated from the sell-off but fell less than tech stocks: it declined about 6% over 24 hours, currently quoted at about $75,600, with an intraday low of about $75,200. Macro analyst Alex Krüger noted that this is the second time in history that the Nasdaq fell by more than 5% while Bitcoin's decline was smaller, the previous instance being Mar. 16, 2020. Derivatives markets suffered heavier losses, with 24-hour crypto liquidations exceeding $1.25 billion, nearly 90% of which were long positions; Deribit's weekly options expiring at 8:00 UTC on Friday had no call option positions at or below $75,000. Tom Lee of Fundstrat said the decline resembled a 'Liberation Day plus DeepSeek' scenario, adding that such sell-offs typically bottom within about three days at most.

Source: TechFlow