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Bitcoin drops to 2-week lows as US stocks lag Asia rebound
BTC/USD fell 3.5% to about $62,369 on Bitstamp, while the pair’s July advance of 8.5% into the end of month did not prevent renewed selling.
Bitcoin slid to its lowest levels in more than two weeks as US equities struggled into the monthly close, diverging from a relief bounce seen in parts of Asia, according to Cointelegraph.
Data cited by Cointelegraph showed BTC/USD down 3.5% to around $62,369 on Bitstamp, a level last seen on July 14, after US stocks turned red at the open and then traded sideways.
Cointelegraph also pointed to market drivers across the region, noting South Korea’s KOSPI ended the day up 17.9%, its biggest single day gain on record, after semiconductor shares led both the sell-off and recovery.
In crypto market commentary highlighted by Cointelegraph, trader Rekt Capital said Bitcoin may attempt to hold recent highs early in August but could roll over again, adding that Bitcoin’s 50-month exponential moving average at about $65,820 continued to act as resistance after two failed breakouts since mid-June.
Latest closeBitcoin $62,929.67 ▼2.8%|Kospi 5,593.56 ▼1.2%