South Korea’s Kospi fell as much as 9%, causing its second trading halt of the week, while chipmakers SK Hynix and Samsung fell more than 8%. Nasdaq 100 futures fell 1.5%. Brent crude fell below $74 a barrel, easing little pressure, after a shell hit on a ship in the Strait of Hormuz briefly revived supply concerns.
The sale of specific cryptocurrencies added to this. Part of bitcoin’s pullback was due to large holders selling considerable amounts in a market that has been slow to absorb the additional supply, Gabe Selby, head of research at CF Benchmarks, said in an email to CoinDesk.
He said much of the new money and investor attention has been focused on AI plays lately, leaving cryptocurrencies fighting for a smaller share of overall risk appetite, and described the move as a general market cooling rather than something broken in cryptocurrencies themselves.
Selby sees the current zone as the one that has historically stopped bitcoin’s declines. “Bitcoin has returned to the $50,000 to $60,000 area today, and if history is any guide, this is where the buyers come in,” he said.
That leaves the market where it has traded all week, with Bitcoin holding on to a level it hasn’t lost in nearly two years, while altcoins around it weaken more rapidly. Selby further noted $55,000 as support to watch and $61,000 to $62,000 as the level bulls need to rally, and recommended keeping position sizes reasonable.
