Bitcoin Tumbles to $63,200 as Kospi Index Plunges 10%

Bitcoin's price dropped to $63,200 after a 2.7% decline from near $65,000 following the US market close.

The Kospi index plummeted 10%, reaching its lowest level since mid-April, and semiconductor stocks such as Samsung Electronics and SK Hynix led the selloff in South Korea's market.

According to analysts at Bitfinex, Bitcoin tends to trade in line with equities when macroeconomic conditions or interest rates are a primary concern. However, in this case, corporate earnings and capital spending debates appear to be driving sentiment, suggesting that the correlation between Bitcoin and stocks may not be as strong.

The US Senate delayed its vote on the CLARITY Act, a bill addressing digital-asset market structure, due to unrelated legislation. Meanwhile, the Federal Reserve's upcoming rate decision and core personal consumption expenditures data are expected to contribute to volatility in the coming days.