South Korea’s Kospi fell 9%, triggering its second trading halt of the week, with chipmakers SK Hynix and Samsung both falling more than 8%. Nasdaq 100 futures fell 1.5%. Brent crude fell below $74 a barrel, easing little pressure, after a projectile hit on a ship in the Strait of Hormuz briefly reignited supply problems.
Crypto-specific sales have been added to this. Part of bitcoin’s pullback stems from large holders selling significant amounts into a market that has been slow to absorb the additional supply, Gabe Selby, head of research at CF Benchmarks, said in an email to CoinDesk.
He said much of the new money and investor attention has recently focused on AI plays, leaving crypto fighting for a smaller share of the overall risk appetite, and described the move as a broad market cooling rather than anything broken in crypto itself.
Selby sees the current zone as one that has historically stopped the decline of Bitcoin. “Bitcoin is back in the $50,000 to $60,000 area today, and if history is to be believed, that’s where the buyers are stepping in,” he said.
That leaves the market where it has been trading all week, with bitcoin building on a level it hasn’t lost in nearly two years while the altcoins around it are weakening faster. Selby further highlighted $55,000 as support to watch below and $61,000 to $62,000 as the level that bulls need to reclaim, and advised keeping position sizes at a reasonable level.
