Asian stocks head for weekly losses as Bitcoin gains almost 20%

Asian equities were headed for another losing week Friday as elevated U.S. Treasury yields, renewed oil-price pressure and tensions between the United States and Iran strained risk assets. Japan's Nikkei 225 fell as much as 0.8% Friday and was on course for a roughly 4% weekly decline, with the week's drop reported as much as 4.4%; South Korean and Taiwanese stocks recovered modestly but remained set to finish lower. Bitcoin gained almost 20% this week to about $74,300 after reaching $75,500, while spot gold climbed as high as $4,601.29 an ounce and headed for a third consecutive weekly gain. The divergence renewed debate over whether Bitcoin and gold can act as stores of value during bond-market stress, although Bitcoin's earlier correlation with technology stocks has weakened that safe-haven argument. The U.S. 30-year Treasury yield returned to about 5.25% and the 10-year yield approached 4.7%, pressuring expensive technology and growth stocks. Brent crude briefly reached $94.71 a barrel amid renewed U.S.-Iran tensions and tougher U.S. sanctions threats before easing to around $93.12. U.S. stocks also fell sharply Thursday after initial buyback relief faded, while Nvidia's upcoming earnings are the next major test for broader risk appetite.

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