Bitcoin slides 2% after U.S. close while Korea’s Kospi plunges 10%
Bitcoin prices fell amid broader market volatility, while South Korea's Kospi index saw a sharp 10% decline. Investors are now looking toward upcoming U.S. Federal Reserve interest rate decisions and economic data for market direction.
Why it matters
The correlation between crypto assets and traditional equity markets remains a key focus for institutional investors navigating current macroeconomic uncertainty.
BTC has fallen to $63,200 from nearly $65,000, a 2.7% decline that has spilled over into the broader crypto market and dragged down the likes of ether (ETH), XRP (XRP), solana (SOL), and others. The drop ends the brief resilience the market showed earlier Monday as shares in NVDA tanked on Wall Street.
The Senate has shelved the CLARITY Act to prioritize a Russia sanctions bill, making a vote on the much-awaited legislation, touted to deliver regulatory clarity and unlock massive institutional buying for digital assets, unlikely before next week. This leaves only the final days before the Aug. 8 recess.
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