APAC Markets Plummet Amid Middle East Tensions, Crypto Market Rebounds

The Asian-Pacific (APAC) region's financial markets were severely impacted by the escalating tensions in the Middle East, leading to a sharp decline in stock prices.

The KOSPI stock index in South Korea plummeted by over 8%, triggering a temporary trading halt of 20 minutes. The index eventually narrowed its losses to 4.4% after trading resumed. This significant drop was not an isolated incident, as other APAC markets also suffered heavy losses, with the Nikkei 225 plummeting nearly 4% and SoftBank falling over 9%.

Meanwhile, in the cryptocurrency market, prices rebounded strongly, driven by risk-averse sentiment spreading across markets. Bitcoin (BTC) surged to a high of $64,250 before settling at $63,599, representing an increase of 4.68%. Ethereum (ETH) also recorded significant gains, surging 8.44% to reach $1,696.