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Market Watch: Korean Stocks Plunge on AI Concerns; Bitcoin Rebounds Above $83,000 After Falling Below $81,000

PANews October 13 news, according to CoinDesk, the crypto market experienced sharp volatility amid weakening risk sentiment in Asian stock markets and concerns over AI investment. South Korea's KOSPI fell 5.5% on Tuesday, down about 38% from its historic high set in June, with Samsung Electronics and SK Hynix falling about 7% and 10%, respectively.

Bitcoin (BTC) briefly fell below $81,000, then rebounded above $84,000, and finally pulled back to around $83,000; Ethereum (ETH) fell to around $2,400 at its lowest, then recovered somewhat.

The market decline was mainly driven by concerns over the AI sector. Broadcom's CEO once described current AI investment as "casino-like behavior," triggering investor worries about overheating in AI trades; at the same time, technological progress by Chinese memory chip company ChangXin Memory Technologies (CXMT) also intensified concerns about competitive pressure on traditional chipmakers.

In addition, investors are preparing for the U.S. September Consumer Price Index (CPI) data and the U.S. earnings season. The market expects U.S. headline inflation to rise 3.6% year over year and core inflation to be 2.5%. If the data meet expectations, headline inflation will rise from the previous reading of 3.4%.

Derivatives data show that leverage in the crypto market is continuing to unwind. Futures trading volume rose to $212 billion in the past 24 hours, up 66% from the previous day, while liquidations rose to $813 million; however, open interest (OI) fell 1.58% to $143.4 billion, indicating that the market is more about leveraged positions being cleared rather than new capital entering.

At the same time, Bitcoin and Ethereum futures open interest both fell by more than 2%, showing that funds are withdrawing from risk exposure. In the options market, Bitcoin put option trading remains relatively active, with some traders continuing to hedge downside risk through options.

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