South Korea Stock Crash Could Drag Bitcoin Below Key Support: Analyst

A selloff in South Korea intensified after the KOSPI fell 8.95% on July 13, when an intraday circuit breaker was triggered. Chipmaker SK Hynix slid 15.37% to KRW 1.845 million, leaving the stock about 38% below its June 25 record high, and analysts characterized the move as panic-driven since circuit breakers are uncommon outside severe market stress. The drop revived concerns about “risk-off” spillovers into U.S. equities and crypto, especially as markets already faced uncertainty tied to geopolitical tensions and weaker sentiment. The article notes Bitcoin slipping below $63,000 after briefly passing $64,000 earlier in July, with some analysts warning that cross-asset shocks could push BTC beneath key support if U.S. markets fall further. Others said Bitcoin was holding up, testing the $65,000 area while support remained around $61,000. Additional data highlighted limited cash buffers, including U.S. cash holdings near 0.42 of the S&P 500’s market capitalization, close to levels seen before the dot-com crash.