Bitcoin Holds Near $79,517 as China's AI Tech Rout Erases $480 Billion

Bitcoin traded near $79,517, holding above support at $79,221 despite a prolonged equities selloff across China. While China's tech-heavy STAR 50 index plunged roughly 40% in under four months—erasing $480 billion in value—Bitcoin has maintained a near-zero correlation with Chinese tech stocks, gaining over 35% since late June. Broader Chinese equities have shed between $2.4 trillion and $3.5 trillion since May, pushing the CSI 300 into a bear market. Analysts note Bitcoin faces potential contagion risks primarily through U.S. markets, where it holds a 0.37 correlation with the Nasdaq 100.