South Korea's Stock Market Trigger Sends Bitcoin Price Reeling Below $64,000
The South Korean stock market triggered its eighth circuit breaker of 2026 after dropping 8.02% and wiping out around $100 million in leveraged positions across crypto in a single hour on Monday.
This was the third flush of liquidations around the $64,000 zone in less than a week, with the prior two episodes being significant at $87 million and $75 million respectively.
The trigger for this latest selloff was a sharp decline in U.S. semiconductor stocks, which has been correlated closely with crypto, particularly Bitcoin, this year.
Bitcoin's price is currently sitting at around $63,582, having slipped below the key resistance level of $64,000 and raising questions about its next move: will it break above the $65,500 resistance or retest the $59,000 support?