Bitcoin price action continued to see contagion from a Korean tech sell-off after the KOSPI Index fell 7.5% on Thursday.
Bitcoin (BTC) fell to its lowest levels in over three weeks on Thursday as crypto tracked fresh losses on South Korean stock markets.
Data from TradingView showed BTC/USD hitting $80,154 on Bitstamp, a level last seen on Sept. 20.
BTC/USD one-day chart. Source: Cointelegraph/TradingView
The weakness came after South Korea’s Korea Composite Stock Price Index, or KOSPI, finished the day 7.5% lower, taking week-to-date losses to 15.5%.
KOSPI Composite Index one-day chart. Source: Cointelegraph/TradingView
As with earlier in the week, tech giants bore the brunt of the sell-off, with SK Hynix down 11% and Samsung Electronics finishing 9.5% lower on the day.
SK Hynix stock one-day chart. Source: Cointelegraph/TradingView
As Cointelegraph reported, concerns over AI debt obligations, foreign capital outflows and competition from China contributed to the South Korean market rout, with KOSPI’s 200-day moving average dropping to as low as 5,450 points, a level not seen since late July. It ended Thursday’s trading session at 5,554 points, marking its lowest daily close since April 8.
Talking to local media publication The Korea Herald, Mirae Asset Securities analyst Kim Seok-hwan warned that global macro headwinds would add further friction going forward.
“Volatility is expected to persist in the near term,” he said. “As domestic supply-demand conditions deteriorate, the market has become more sensitive to external risks, while a near-term improvement in the global environment appears unlikely.”
SK Hynix and Samsung will release third-quarter earnings data on Oct. 28 and 29, respectively, potentially adding to downside volatility in investor tech sentiment should the numbers fall short of projections. Samsung is expected to confirm Q3 sales of 195 trillion won ($145 billion) and an operating profit of around 107 trillion won ($80 billion).
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