South Korea’s Kospi fell as much as 9%, triggering the second trading halt of the week, as chipmakers SK Hynix and Samsung both fell more than 8%. Nasdaq 100 futures fell 1.5 percent. Brent crude fell below $74 per barrel. barrel, easing some of the pressure after a missile attack on a vessel in the Strait of Hormuz briefly revived supply concerns.
The crypto-specific sales added to that. Part of bitcoin’s retreat came from large holders selling significant amounts into a market that has been slow to absorb the extra 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 flowed into AI games of late, leaving crypto fighting for a smaller share of overall risk appetite, describing the move as a broad market cooling rather than something broken in crypto itself.
Selby sees the current zone as the one that has historically stopped bitcoin’s decline. “Bitcoin has pulled back into the $50,000 to $60,000 zone today, and if history is any guide, that’s where buyers are stepping in,” he said.
That leaves the market where it has traded all week, with bitcoin leaning at a level it hasn’t lost in nearly two years, while altcoins around it weaken faster. Selby further pointed to $55,000 as the support to watch below and $61,000 to $62,000 as the level bulls need to recover, and advised keeping position sizes reasonable.
