Bitcoin has been under pressure since the U.S. stock market closed on Monday, with South Korea’s Kospi leading Asian stocks lower and providing risk-off signals for the cryptocurrency market.
BTC fell to $63,200 from nearly $65,000, a 2.7% decline that rippled through the broader crypto market and dragged down Ether (ETH), XRP (XRP), Solana (SOL) and others. The drop ends the brief resilience the market showed earlier Monday as shares of NVDA fell on Wall Street.
The Senate set aside the CLARITY Act to prioritize a Russia sanctions bill, voting on the highly anticipated legislation expected to provide regulatory clarity and unlock massive institutional purchases of digital assets, unlikely before next week. There are only the last days left before the August 8 holiday.
Asian stocks fell sharply, with South Korea’s Kospi index falling 10% to its lowest level since mid-April. The index has now fallen 25% from its peak in mid-June. The latest decline was marked by sharp losses at heavyweights such as Samsung and SK Hynix. “The market is losing interest in chipmakers at the moment and this has been a major driver of the bull market in South Korea,” InvestingLive wrote.
