Tech Stocks Tumble, Bitcoin Plummets Amid Global Market Woes

Asian markets experienced turmoil on Thursday due to heavy selling of technology stocks, a trend mirrored by a sharp decline in bitcoin's value. South Korea's Kospi plummeted nearly 4% as tech share prices raised alarms among investors, contributing to a broader downturn in global indices.

Meanwhile, the price of bitcoin dropped sharply, falling as much as 8% and trading near $71,000 according to CoinDesk. The dip marks its lowest level since November 2024. Additionally, oil prices fluctuated, with U.S. benchmark crude dropping more than a dollar per barrel.

Despite some companies, like Super Micro Computer, reporting stronger-than-expected profits, the tech sector is under pressure. This comes as firms face investor skepticism about future prospects, even when financial results are solid. In other sectors, Walmart made news as its market cap surpassed $1 trillion, defying the downward trend.