Bitcoin slides 2% after U.S. close while Korea’s Kospi plunges 10%
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- Bitcoin fell ~2.7% to roughly $63,200 from nearly $65,000, dragging down ETH, XRP, SOL, and the broader crypto market after NVDA's sell-off on Wall Street ended the day's earlier resilience.
- South Korea's Kospi plunged 10% to its lowest level since mid-April, now down 25% from its mid-June peak, with Samsung and SK Hynix hit hardest as InvestingLive noted the market is "falling out of love with chipmakers."
- The U.S. Senate delayed the CLARITY Act to prioritize a Russia sanctions bill, pushing any vote on crypto market-structure legislation to next week at the earliest, before the Aug. 8 recess.
- Bitfinex analysts argued BTC's correlation with equities is overstated here, noting BTC trades with stocks during macro/rate-driven stress but decouples during idiosyncratic equity moves like an earnings-and-capex debate.
- The Fed's rate decision Wednesday and Thursday's Core PCE and GDP data form the "week's highest-volatility window for U.S. rate repricing," according to Nexo analyst Dessislava Ianeva.
Why it matters: The convergence of a 10% Kospi crash and a 2.7% Bitcoin slide links crypto to Asian equity stress, though Bitfinex argues the correlation is overstated if the sell-off is chip-stock-specific rather than rate-driven. With the CLARITY Act sidelined and the Fed decision days away, crypto faces a regulatory and macro double-pivot before the Aug. 8 recess.
