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UNIBitcoin retreats toward $82,000 as China's CSI 300 enters bear market
Asian stocks fell on Thursday, with the CSI 300 down 20% from its June peak, while Bitcoin gave up gains above $84,000 and oil climbed above $112 a barrel.
Why it matters: Rising oil prices and a Chinese equity bear market are weighing on risk assets, with Bitcoin, gold and silver all falling at the same time.
Key points
- The CSI 300 fell 2%, taking its decline from June's peak to 20%; Japan's Nikkei 225 dropped about 3% and South Korea's Kospi 3.5%.
- Brent crude rose above $112 a barrel and WTI topped $100, the highest levels since May, as the VIX jumped 10% to around 18.
Bitcoin retreated toward $82,000 on Thursday as a broad selloff in Asian equities deepened, with Chinese stocks entering a bear market.
Other regional benchmarks fell further. Japan's Nikkei 225 lost around 3%, South Korea's Kospi dropped 3.5%, Taiwan's benchmark shed 2% and Hong Kong's Hang Seng declined 3%.
Mixed third-quarter US earnings added to uncertainty over artificial intelligence spending. Nasdaq 100 futures declined almost 2%.
The selloff persisted even as the US 10-year Treasury yield eased to near 5.077%.
Live updates on NewsFeeds:BitcoinDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)
How this was produced: an AI model wrote this summary of CoinDesk’s report, which we credit and link above. Read our Editorial and AI policy. Spotted a mistake? See Corrections.
Not investment advice. Read the risk disclaimer.