Asia Markets Slump as Bitcoin Retreats Amid China’s Bear Market
Asian stocks tumble, bitcoin retreats as China enters bear market
Asian markets slid on Thursday as risk sentiment weakened across equities and commodities, with China’s CSI 300 falling into bear-market territory and bitcoin giving back recent gains.
Bitcoin dropped back after briefly trading above $84,000, retreating toward $82,000. The move came alongside declines in traditional havens: gold fell more than 1% to below $4,100 an ounce, while silver slid over 3.5% to around $55.
In equities, the CSI 300—tracking the 300 largest stocks listed in Shanghai and Shenzhen—fell 2% on the day, taking its drop from June’s peak to 20%, a commonly used threshold for a bear market. Losses spread across the region, with Japan’s Nikkei 225 down around 3%, South Korea’s Kospi lower by 3.5%, Taiwan’s benchmark down 2%, and Hong Kong’s Hang Seng off 3%.
U.S. equity futures also reflected the risk-off tone, with Nasdaq 100 futures down nearly 2%.
Market stress indicators moved higher. The Cboe Volatility Index (VIX) jumped 10% to around 18, roughly 30% above September’s low, signaling rising demand for protection against swings in U.S. stocks.
At the same time, energy prices climbed, adding to broader market pressure. WTI crude topped $100 a barrel and Brent crude rose above $112, reaching the highest levels since May.
- China’s CSI 300 fell 20% from its June peak, entering bear-market territory.
- Bitcoin retreated toward $82,000 after pushing above $84,000.
- Gold and silver declined while oil prices surged, and volatility rose.
