Bitcoin Drops 3% Following 10% Crash of South Korea's Kospi Index
Asian stock markets plummeted, with South Korea's Kospi index falling 10%, hitting its lowest level since mid-April. Bitcoin came under pressure following the U.S. market close, dropping from $65,000 to $63,200 and dragging down the broader crypto market, including Ethereum, XRP, and Solana. This ended a brief period of stability seen earlier in the week. The U.S. Senate delayed a key crypto regulatory bill (CLARITY Act) to prioritize a Russia sanctions bill, pushing the vote to next week. Analysts note Bitcoin is trading similarly to stocks under macroeconomic stress. Market volatility is expected to increase mid-week with the Federal Reserve's interest rate decision on Wednesday and key U.S. economic data on Thursday. On-chain data shows signs of Bitcoin accumulation, with withdrawals from exchanges and miner holdings seen as bullish signals. The market remains in a neutral-bullish zone.
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