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Bitcoin crashes to half its record price amid tech stock losses

Feb 6, 2026, 5:31 AM10
(Update: Feb 6, 2026, 5:31 AM)
American business-focused daily newspaper
international organisation of Southeast Asian countries

Bitcoin crashes to half its record price amid tech stock losses

  • Asian shares mostly lower due to Wall Street losses driven by technology stocks.
  • Bitcoin has seen a significant drop, halving its record price last October.
  • The ongoing market volatility raises concerns about the strength of economic recovery.
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In recent days, many Asian stock markets have experienced notable declines, primarily affected by the ongoing sell-off in technology shares. South Korea's Kospi index decreased by 1.7%, impacted by significant losses from major tech companies such as Samsung Electronics and SK Hynix. In Hong Kong, the Hang Seng index fell by 1.2%, while Taiwan's Taiex showed a smaller decrease of 0.2%. This downturn comes as Wall Street has also faced losses, particularly in the technology sector, which has further dampened investor confidence across global markets. Amidst these developments, Bitcoin, the leading cryptocurrency, saw a substantial drop of about 9% early Friday, trading below $65,000 after a more significant decline of over 12% the previous day. This decline represents a stark contrast to Bitcoin's peak value of over $124,000 recorded in October. The drastic fall has raised concerns about the sustainability of cryptocurrency investments, particularly in light of the broader market's turbulent state. The declines in stock prices have been attributed to large companies announcing increased capital expenditures, especially in areas such as artificial intelligence. Companies like Amazon have made headlines with announcements regarding significant boosts in spending, which has spooked investors about rising operational costs and implications for profitability. The focus on AI spending, alongside the challenges posed by emerging technologies, has further exacerbated concerns about traditional software and technology services. Compounding the situation, commodity prices also showed volatility, with gold prices falling approximately 1% on Friday, hitting $4,843.70 per ounce. Silver's value dropped by 6.6%, marking a significant decrease after a prior week of gains. Meanwhile, Brent crude oil saw a slight increase in price. As signs of economic uncertainty loom over multiple sectors, investors are grappling with the implications of these market shifts on future economic stability and growth prospects.

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