Global market sell-off worsens as ASX, Nvidia and Bitcoin fall sharply

ABC NEWS (Australia)

The ASX has suffered its worst trading week since April, when US President Donald Trump announced his 'Liberation Day' tariffs. It follows a renewed sell-off across global share markets on lingering concerns about the high valuations of Nvidia and other AI-related stocks, while the original cryptocurrency Bitcoin has fallen deeper into a bear market.

Transcript

00:00just when things were starting to look up again markets decided it was time to get worried and

00:07that led to big falls across the US Japan and South Korea in particular which plunged 3.7%

00:13and the volatility this morning was quite extreme especially for America's tech index the Nasdaq

00:20which initially jumped two and a half percent before things suddenly turned pear-shaped and

00:25it finished more than two percent lower so from peak to trough that was a massive five percent

00:29difference in one day which is very unusual basically its fortunes mirrored the share price

00:35of Nvidia which surged after it posted a mega profit and CEO Jensen Huang said there's no AI bubble but

00:43after a couple of hours investors decided they weren't so sure and the risk-off mood also led to

00:48Bitcoin being sold off again the original cryptocurrency has fallen below 86,000 US dollars

00:55so it's down 31% from its record high and it's wiped out all its gains since the year began

01:01against that backdrop it's no surprise the local share market also got battered down 1.7% to its

01:07lowest level in nearly six months and it's down two and a half percent over the past five days

01:12making this the worst trading week since April when President Trump spooked the world with this so-called

01:18liberation day tariffs today's worst performing stock was Maine Pharma after its 670 million

01:25dollar takeover by an American health care giant was blocked by the treasurer on national interest

01:30grounds and drone shield was shot down again and share price has lost three quarters of its value in

01:36just six weeks while its CEO and chairman still haven't explained why they sold all their shares

01:42in commodities gold and oil prices fell quite sharply while the Aussie dollar is a little bit weaker at

01:4864 and a half US cents and that's finance

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