Live updates: Bitcoin falls back to $63,000 as South Korea's Kospi crashes nearly 11%
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Bitcoin showed signs of recovery after dipping during the Asian trading session, rising from a low of $63,065 to around $63,500 at the time of reporting, based on CoinDesk data. Despite this rebound, Bitcoin's price remained down by 0.3% since midnight UTC and had decreased almost 3% over the previous 24 hours.
Meanwhile, the broader equity markets appeared to be experiencing increased risk aversion. Nasdaq e-mini futures fell to 27,930 points, marking the lowest level since May and representing a 1.2% decline for the week. This drop comes after the Nasdaq index peaked near 31,000 in June. A notable factor in this decline was the nearly 5% drop in NVIDIA (NVDA) shares, a significant component of the Nasdaq index, occurring on Monday.
Why it matters
Regional stock markets in Asia also faced significant pressure, with South Korea’s Kospi index suffering a sharp 10% fall. Other markets, such as Japan’s Nikkei, recorded more moderate declines. These movements suggest broader investor caution, contrasting with the partial stabilization seen in Bitcoin’s price after its earlier decline.