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KOSPI plunges 6 percent after first intraday break above 8,000, triggers sell sidecar

South Korea\'s KOSPI on Thursday briefly broke above the 8,000 mark for the first time before reversing sharply and ending below 7,500. The index closed down 6.12 percent at 7,493.18 as profit-taking pressure grew after a rapid rise, while Middle East tensions, rising U.S. and Japanese rates and a weaker won weighed on sentiment. The Korea Exchange activated a sell sidecar, temporarily halting program sell orders.

Crypto

Bitcoin slips to $79,000 range as U.S. PPI fears weigh

Bitcoin retreated to the $75,000 range after a shock from the U.S. producer price index (PPI) data. Cointelegraph reported that the price fell sharply after the April PPI release. Stronger-than-expected CPI and PPI readings increased pressure on risk assets, and the U.S. Labor Statistics Bureau said April PPI posted its biggest rise since March 2022. Markets also watched the Middle East war, oil prices and fading expectations for rate cuts.

Crypto

Bitcoin holds up despite highest U.S. CPI since 2023; $80,000 support seen key

Bitcoin (BTC) increased volatility around $81,000 after a U.S. inflation report. U.S. April CPI rose 3.8 percent from a year earlier, the highest since 2023, Cointelegraph reported. Energy prices drove much of the increase. The CPI data also shook expectations for Federal Reserve policy, with commentary pointing to a rising chance of a shift toward rate hikes. Traders highlighted $78,800 as support and $82,600 as resistance.