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Taiwan's TSMC, the world's largest contract chipmaker (it produces processors on orders from other brands), reported a 60% increase in October revenue compared to October of last year. The driver is the same as in previous months - demand for artificial intelligence chips.
On November 6, the selloff in tech and semiconductor stocks spread from Wall Street to Tokyo, Seoul and Shenzhen. Asian markets lost more than $1 trillion in value, and in South Korea trading had to be halted by the exchange's automation.
On the morning of November 3, BTC fell below $77,000, while Asian exchanges opened down 3-4% due to chipmaker stocks. Over two sessions, $1.04 billion was withdrawn from US spot Bitcoin exchange-traded funds (funds through which the asset is bought like a stock).
On Thursday, October 22, Asian markets crashed: China's CSI 300 index lost 2% during the session and fell 20% from its June high. A 20% drop from the peak is the formal definition of a bear market.
