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Bitcoin falls as South Korea stocks slide and US crypto bill stalls
BTC fell about 2% during the U.S. overnight session, while AI and layer-1 tokens led declines after the Senate shelved the Crypto Clarity Act.
Bitcoin dropped around 2% during the U.S. overnight session, as risk sentiment weakened after South Korea’s Kospi stock index plunged 11%, one of its worst single-day declines in years, according to CoinDesk.
CoinDesk reports the selloff spilled into crypto markets, hitting AI and layer-1 tokens hardest, with several tokens down as much as 10% over 24 hours, including FET, NEAR and HYPE.
On the US regulatory front, CoinDesk says the U.S. Senate shelved the Crypto Clarity Act to prioritize a Russia sanctions bill and federal nominations, leaving just two weeks of floor time before the Aug. 8 recess begins.
CoinDesk also notes that markets are watching a key US Federal Reserve decision this week, and it cited broader moves in traditional assets, including Nasdaq 100 index futures down 0.7%, gold off 0.9% and silver down 1.5%.
Latest closeGold $4,078.90 ▲0.3%|Silver $58.70 ▲0.1%|Bitcoin $63,394.96 ▼0.5%