Asian stock markets plummeted: the South Korean Kospi index fell by 10%, reaching its lowest level since mid-April. The index is now down 25% from its peak in mid-June. This recent decline was accompanied by significant losses in the shares of major companies such as Samsung and SK Hynix.
The market is currently losing interest in chipmakers, which has been one of the main drivers of growth for the South Korean market, — reports InvestingLive.
Bitcoin came under pressure after the closure of the US stock market on Monday. The price of $BTC fell from $65,000 to $63,200, and this decline spread across the entire cryptocurrency market, dragging down cryptocurrencies such as Ethereum (ETH), $XRP, Solana (SOL), and others. This pullback ended the brief resilience the market showed on Monday, July 27th, when NVDA shares dropped sharply.
The US Senate postponed consideration of the CLARITY Act bill to prioritize a bill on sanctions against Russia, making a vote on the long-awaited law, which is supposed to provide regulatory clarity and open opportunities for large-scale institutional purchases of digital assets, unlikely until next week.
$BTC is trading similarly to stocks when stress is due to macroeconomic factors and interest rates, and decouples when the stress is specific to the stock market... — noted Bitfinex analysts.
Wednesday and Thursday, July 29th and 30th, could further impact the situation and add volatility to all asset classes. On Wednesday, the Fed will announce its decisions on interest rates, and on Thursday, key data on the US economy will be published.
The Fed makes decisions on rates on Wednesday, and on Thursday, core CPI and GDP data will follow immediately. This makes the period from Wednesday to Thursday the most volatile window of the week for US interest rate reassessment, — believes Nexo analyst Dessislava Yaneva.
The HCN Capital Flow Insight index fell to 57.9, losing 4.9 points from the previous update. The market is in a neutral-bullish zone. The average yield of stablecoins remains 2.9 p.p. above the effective Fed rate, while the TVL of the largest protocols decreased by 0.8%. 303 $BTC were withdrawn from exchanges, which should be considered a sign of accumulation; miners are also holding $BTC, and this is a bullish signal.
end-content
