Bitcoin plunges up to 8% and South Korea's Kospi sinks nearly 4% in the
latest tech-led sell-off
[February 05, 2026] By
ELAINE KURTENBACH
World shares retreated Thursday in Asia on heavy selling of technology
stocks, while the price of bitcoin fell as much as 8%.
The latest round of jitters over high prices for tech shares sent South
Korea’s Kospi down nearly 4%. Oil prices sank more than $1 a barrel.
Bitcoin was trading near $71,000 early Thursday, down 7.3% after
crashing to about $69,000 earlier in the day, according to CoinDesk.
That's its lowest level since November 2024.
Cryptocurrencies like bitcoin have dropped after U.S. Treasury Secretary
Scott Bessent, said in answer to questions in the House Financial
Services Committee on Wednesday that he did not have the authority to
order banks to buy such assets.
In share trading, Germany's DAX slipped 0.2% to 24,568.67 and the CAC 40
in Paris edged 0.2% higher to 8,278.99. Britain's FTSE 100 gave up 0.3%
to 10,371.83.
The future for the S&P 500 was up 0.2% while that for the Dow Jones
Industrial Average edged 0.1% lower.
In Asian trading, Tokyo's Nikkei 225 shed 0.9% to 53,818.04, while the
Kospi in South Korea skidded 3.9%, to 5,163.57.
Shares in South Korea's biggest company, Samsung Electronics, lost 5.9%.
Chip maker SK Hynix plunged 6.7%.
Hong Kong's Hang Seng regained early losses, closing 0.1% higher at
26,885.24. The Shanghai Composite index gave up 0.6% to 4,075.92.
Australia's S&P/ASX 200 fell 0.4% to 8,889.20, while Taiwan's Taiex lost
1.5%.
On Wednesday, the S&P 500 fell 0.5% for its fifth modest loss in the
last six days. The Dow rose 0.5% and the Nasdaq composite sank 1.5%.
More than twice as many stocks rose within the S&P 500 than fell, but
sinking technology stocks weighed on the index for a second straight
day.
Advanced Micro Devices dropped 17.3% even though the chip company
reported a stronger profit for the latest quarter than analysts
expected. It also gave a forecast for revenue for the start of 2026 that
topped analysts’ expectations, but that may not have satisfied investors
after its stock doubled over the last 12 months.
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A currency traders watches monitors near a screen showing the Korea
Composite Stock Price Index (KOSPI), left, at the foreign exchange
dealing room of the Hana Bank headquarters in Seoul, South Korea,
Monday, Feb. 2, 2026. (AP Photo/Ahn Young-joon)
 Tech stocks are under pressure even
when they deliver stronger-than-expected profits after their prices
shot higher as they've grown to dominate markets. Companies like
software makers, meanwhile, are struggling with questions about
whether they’ll lose in the future to competitors powered by
artificial-intelligence technology.
Uber Technologies also dragged on the market after falling 5.1%. The
ride-hailing company reported results for the latest quarter that
fell short of analysts’ expectations. It also gave a forecast for
profit in the current quarter that was below analysts’ expectations,
while naming a new chief financial officer.
Some tech stocks nevertheless climbed, including a 13.8% rise for
Super Micro Computer. The company, which sells AI servers and other
equipment, delivered a stronger profit for the latest quarter than
analysts expected.
Walmart edged up by 0.2%, a day after its total market value topped
$1 trillion for the first time. The retailer has broken into a small
club dominated by Big Tech companies like Nvidia and Apple, which
are each worth more than $4 trillion.
In other dealings early Thursday, U.S. benchmark crude oil fell
$1.05 to $64.09 per barrel. Brent crude, the international standard,
lost $1.11 to $68.35 per barrel.
Prices of precious metals resumed their roller coaster ride, as gold
bounced up 0.2% while silver dropped 4.6%.
Their prices have surged and swooned recently as investors sought
safer places to keep their money amid worries about everything from
tariffs to a weaker U.S. dollar to heavy debt loads for governments
worldwide. But critics have said their prices rose too far, too fast
and were due for a pullback.
The dollar rose to 157.03 Japanese yen from 156.88 yen. The euro
fell to $1.1805 from $1.1809.
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