Bitcoin Tumbles to Two-Week Low Amid Global Economic Uncertainty
Bitcoin plummeted to its lowest level in over two weeks, falling 3.5% to $62,369 as global macroeconomic tensions mounted. The US market's stagnation and renewed concerns about the global economy weighed heavily on Bitcoin's price. In contrast, the South Korean KOSPI index surged 17.9%, driven by gains in AI and semiconductor sectors.
The recent rally was blocked at $65,820, a level analysts warn could be crucial for Bitcoin's recovery. If support around $62,000 fails, a possible retreat similar to 2022 may follow. The crypto market is becoming increasingly sensitive to global liquidity and tech sector trends.
Large investors, or whales, have increased their control over Cardano's ADA tokens to 68.76%, the highest since July 2020, despite the token's price falling over 70% this year. This surge in whale holdings suggests growing institutional confidence in Cardano.