Bitcoin slid roughly 2.7% after Monday's U.S. equity close, falling from near $65,000 to about $63,200, as a sharp selloff in South Korea's chipmaking sector rattled Asian markets and spilled over into crypto. By the time the move had fully played out, bitcoin was changing hands around $63,384, down as much as 3.14% on the session.
Kospi's Steepest Drop Since April
The pressure originated in Seoul, where South Korea's Kospi index plunged 10% to its lowest level since mid-April, leaving the benchmark down 25% from its mid-June peak. Samsung and SK Hynix, the two heavyweights of the index and central players in the global memory-chip supply chain, led the decline as investors reassessed the sustainability of the AI-driven chip rally that had powered Korean equities higher earlier in the year.
Crypto Markets Move in Tandem
Bitcoin's decline did not happen in isolation. Ether, XRP, and solana were all dragged lower alongside it as the risk-off mood that hit Asian equities extended into digital assets. Bitfinex analysts framed the linkage in macro terms, noting that bitcoin “trades with equities when the stress is macro and rates-driven, and decouples when the stress is idiosyncratic” — suggesting Monday's selloff reflected broad market stress rather than a crypto-specific catalyst.
A Delayed Vote in Washington
Adding to the uncertain backdrop, the U.S. Senate opted to delay a vote on the CLARITY Act in order to prioritize a Russia sanctions bill, pushing any action on the crypto market-structure legislation to next week, ahead of the chamber's August 8 recess. The delay leaves one of the industry's most closely watched regulatory measures in limbo for at least another few days.
A Volatile Week Ahead
Traders are bracing for more turbulence before the week is out. The Federal Reserve's rate decision on Wednesday, followed by Thursday's Core PCE inflation reading and GDP data, mark what has been described as the week's highest-volatility window for U.S. rate repricing — data points likely to determine whether Monday's selloff extends or reverses.
