Bitcoin Falls Below $64K Amid Asian Market Selloff

Bitcoin's price has fallen below $64,000 ahead of the Federal Reserve's decision on interest rates. The cryptocurrency traded near $63,490 on July 28 after falling from nearly $65,000 to around $63,200 during a broad risk-off move across Asian markets.

The decline began after U.S. markets closed on Monday and accelerated as South Korean technology shares sold off. Bitcoin dropped alongside other major cryptocurrencies such as ether, XRP, and solana, with the latter three experiencing price weakness.

Asian equity losses added pressure to Bitcoin's price, with South Korea's KOSPI falling more than 8% on Tuesday morning, forcing a marketwide trading halt for 20 minutes. The decline continued after the halt, with Samsung Electronics and SK Hynix losing over 12% of their value.

The relationship between Bitcoin's price and equities is not constant, but rather driven by interest rates, liquidity, or broad macro concerns. However, traders initially treated Tuesday's Asian selloff as a wider risk event, which may indicate that the decline in KOSPI triggered a broader market sell-off.