Bitcoin, ether slip and rebound as South Korean stocks slide on AI-related concerns — SkimNews
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- Bitcoin slipped below $81,000 before rebounding to settle just above $83,000, while ether dropped as low as $2,400 and 24-hour crypto liquidations surged to $813 million.
- South Korea's KOSPI plunged 5.5% on Tuesday, leaving the index roughly 38% below its June all-time high, as Samsung Electronics fell 7% and SK Hynix dropped 10%.
- Broadcom CEO characterized current AI investing as "casino-like," while reported advances in memory-chip technology at China's CXMT stoked competition fears for established chipmakers.
- Autheo (THEO) plunged 92% following a suspected exploit on Base, where an attacker minted 19 million unauthorized tokens, exchanged them for 700 ETH (~$1.76 million), and bridged the proceeds to Ethereum.
- Blur (BLUR) slid 33% after the NFT marketplace announced plans to close its website interface and stop matching new Blend loans on November 12.
- Starknet (STRK) fell more than 17% and LayerZero (ZRO) lost 14%, reversing recent rallies tied to Starknet's consideration of becoming a standalone quantum-resistant layer-1.
- Stacks (STX) bucked the decline with an 11.4% rise as the network expanded its bitcoin-staking program.
Why it matters: The KOSPI's 5.5% single-day plunge marks a sharp divergence from Bitcoin's recovery, suggesting AI-trade de-risking is hitting chip-heavy Asian equities harder than crypto. With US CPI (forecast 3.6% headline YoY) due Wednesday and major bank earnings from JPMorgan, Goldman Sachs, and Citigroup also on deck, traders face a dense catalyst calendar atop an already active $813M leverage flush — and options markets remain calm, meaning hedges, not panic, are driving flows.
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