Bitcoin slides 2% after U.S. close while Korea’s Kospi plunges 10%

Markets Bitcoin slides 2% after U.S. close while Korea’s Kospi plunges 10% By Omkar Godbole Jul 28, 2026, 4:32 a.m. 2 min read Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Make preferred on BTC's price drops after U.S. close. Asian stocks slide. (sergeitokmakov/Pixabay) Summary Show Bitcoin fell about 2.7 percent to roughly $63,200, extending losses across major cryptocurrencies as Asian equities, led by South Korea’s Kospi, sold off sharply. The U.S. Senate has delayed action on the closely watched CLARITY Act to focus on a Russia sanctions bill, likely pushing any vote on crypto regulatory legislation to next week before the Aug. 8 recess. Analysts say bitcoin tends to move with stocks when macro and interest-rate stress is high, and they expect volatility across asset classes around the Federal Reserve’s rate decision Wednesday and key U.S. data on Thursday. Bitcoin BTC $63,566.12 has come under pressure since the U.S. stock market closed Monday, with South Korea’s Kospi leading Asian equities lower and providing risk-off cues to the cryptocurrency market. BTC has fallen to $63,200 from nearly $65,000, a 2.7% decline that has spilled over into the broader crypto market and dragged down the likes of ether (ETH), XRP (XRP), solana (SOL), and others. The drop ends the brief resilience the market showed earlier Monday as shares in NVDA tanked on Wall Street. The Senate has shelved the CLARITY Act to prioritize a Russia sanctions bill, making a vote on the much-awaited legislation, touted to deliver regulatory clarity and unlock massive institutional buying for digital assets, unlikely before next week. This leaves only the final days before the Aug. 8 recess. Asian stocks cracked sharply, with South Korea’s Kospi index falling 10% to its lowest level since mid-April. The index has now dropped 25% from its mid-June peak. The latest decline featured steep losses in heavyweights such as Samsung and SK Hynix. "The market is falling out of love with chipmakers at the moment and that's been a big driver of the bull market in South Korea," InvestingLive wrote. BTC has a history of tracking equity-market volatility, but the correlation is not as straightforward as widely perceived. "BTC trades with equities when the stress is macro and [interest] rates-driven, and decouples when the stress is idiosyncratic to the equity market. An earnings-and-capital-expenditure debate is precisely that, so on this data the correlation is overstated," analysts at Bitfinex said in a note to CoinDesk. Looking ahead, Wednesday and Thursday could significantly move the needle and add volatility across asset classes. The Fed decides interest rates on Wednesday, while Thursday brings key data. "The Fed decides rates Wednesday, with Core PCE and GDP following immediately Thursday. That makes Wednesday–Thursday the week's highest-volatility window for U.S. rate repricing," Dessislava Ianeva, analyst at Nexo, said. Bitcoin News Related Assets Bitcoin $63,566.12 2.80% Latest Crypto News 1 Hong Kong’s central bank puts a number on lenders' quantum preparedness. It's very low. 4 minutes ago 2 Bitcoin recovers from Asian session lows; Nasdaq futures remain under pressure 13 minutes ago 3 U.S. Senate puts off crypto Clarity Act for now as it focuses limited bandwidth elsewhere 8 hours ago 4 Kalshi, Polymarket win pause against Minnesota's prediction market ban 8 hours ago 5 Bitcoin shrugs off AI selloff but high-stakes Fed meeting could determine what's next 12 hours ago 6 Crypto’s favorite $90 trillion trading product is coming to Wall Street, but big banks are taking it slow 14 hours ago 7 Digital asset trading platform Uphold cuts 17% of global headcount as crypto winter bites 15 hours ago 8 What are perps, anyway? Everything you need to know about crypto’s hottest trading instrument 17 hours ago 9 Fanatics buys regulated exchange in bid to grow prediction markets business 17 hours ago 10 Cantor is advising crypto bank AMINA on path to potential public listing 17 hours ago Latest Research Crypto Flows, Share and the Selective Rotation Crypto Flows, Share and the Selective Rotation Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows. By CoinDesk Research Jul 22, 2026 Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows. Why it matters: Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows. View Full Report More From Markets Hong Kong’s central bank puts a number on lenders' quantum preparedness. It's very low. Bitcoin recovers from Asian session lows; Nasdaq futures remain under pressure Bitcoin shrugs off AI s