Daily Market Update: Stock Futures and Bitcoin Fall as AI Fears Grip Wall Street
TLDR
- Bitcoin fell 2.7% to around $63,200 after the U.S. market close, dragging down ETH, XRP, and Solana
- South Korea’s Kospi plunged over 10%, with Samsung and SK Hynix each dropping nearly 14%
- Nvidia fell about 5% on concerns over AI infrastructure spending topping $750 billion
- The Fed begins its two-day meeting Tuesday, with a rate decision due Wednesday
- The CLARITY Act has been shelved, pushing crypto regulatory progress past the August 8 recess
Bitcoin slid 2.7% to around $63,200 on Tuesday as Asian markets sold off sharply and AI-related concerns rattled tech stocks.
The drop came after the U.S. stock market closed Monday. Bitcoin had been holding near $65,000 before the selloff. Ether, XRP, and Solana also fell.
South Korea’s Kospi index dropped more than 10% — its steepest single-day fall in recent months. The index is now down 25% from its mid-June peak. Samsung and SK Hynix each closed nearly 14% lower.
The trigger was news of rapid advances by Chinese memory chipmakers. China’s CXMT made a blockbuster market debut, and domestic production of advanced chip-making machines also showed progress. This unsettled investors who had bet heavily on South Korean chipmakers.
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