Bitcoin Loses Ground as Asian Stocks Sink and China’s CSI 300 Nears Bear Market

Asian stock markets suffered broad losses on Thursday as technology shares tumbled following mixed U.S. earnings reports and surging oil prices heightened fears about the economic outlook. China’s equity market officially entered bear-market territory, reflecting the growing pressure on regional investors.

The CSI 300 index dropped 2%, bringing its decline from the June peak to 20%. The benchmark measures the performance of 300 major companies listed in Shanghai and Shenzhen. Japan’s Nikkei 225 fell roughly 3%, South Korea’s Kospi slid 3.5%, Taiwan’s benchmark lost 2%, and Hong Kong’s Hang Seng Index retreated 3%.

Chinese technology stocks traded in Hong Kong experienced their sharpest daily decline since Trump’s April 2025 “Liberation Day” tariff announcement, Bloomberg’s David Ingles reported.

The sector’s technology index has lost more than 40% from its high, erasing nearly all the gains that followed Beijing’s Sept. 24 stimulus announcement. Forward valuations have also compressed to around 13 times earnings.

AI Investment Concerns Weigh on Markets

Uncertainty over artificial intelligence spending increased after U.S. companies released mixed third-quarter earnings. Tesla shares fell approximately 3% in after-hours trading after lowering its capital expenditure forecast. Meta Platforms raised the lower end of its spending guidance, but the announcement did little to ease broader market concerns.

Bitcoin also reversed course, surrendering its move above $84,000 and retreating toward $82,000. Gold prices fell more than 1% to below $4,100 an ounce, while silver declined over 3.5% to approximately $55. Nasdaq 100 futures dropped nearly 2%.

The Cboe Volatility Index (VIX), which tracks expected volatility in U.S. equities, rose 10% to around 18. That puts it approximately 30% above its September low.

Rising Crude Prices Add to Investor Pressure

Oil prices continued climbing, with West Texas Intermediate crude breaking above $100 per barrel and Brent crude moving past $112 to reach its highest level since May.

The weakness in stocks persisted even as U.S. Treasury yields declined. The 10-year yield stood near 5.077%, below its recent peak of approximately 5.4%, although the drop failed to restore confidence in equities.

Falling technology shares, uncertainty over AI-related spending and higher energy prices combined to keep investors cautious across global markets.