Bitcoin Falls 2.7% as Kospi Index Plunges 10%

July 28, 2026 · Markets · CryptoRefuge Team

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 Kospi index plunged 10%, driven by a sell-off in chipmakers such as Samsung and SK Hynix, which have been a key driver of the bull market in South Korea. > $63,200 is the current bitcoin price, down from its previous level of $65,000.

Live market snapshot (at publish): BTC $63,269 (-3.0% 24h) · ETH $1,878.99 (-3.4% 24h)

The market's shift in sentiment away from chipmakers is having a ripple effect on the broader market, with bitcoin and other cryptocurrencies feeling the pressure. This shift is driven by a sell-off in chipmakers, which have been a big driver of the bull market in South Korea. > 10% decline in the Kospi index is the largest single-day drop in recent months, highlighting growing concerns over interest rates and macroeconomic stress. The US 10-year yield is currently at 2.35%, while the Brent crude oil price is at $73.20 per barrel.

The Federal Reserve's rate decision on Wednesday is expected to be a high-volatility event for the market, with analysts predicting a potential rate hike. > Wednesday–Thursday is the highest-volatility window for U.S. rate repricing, according to analysts. This uncertainty will drive market volatility in the coming days, with bitcoin and other cryptocurrencies potentially feeling the effects. > "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

"BTC trades with equities when the stress is macro and [interest] rates-driven, and decouples when the stress is idiosyncratic to the equity market." — analysts at Bitfinex

Analysis: If the Federal Reserve raises interest rates, it could lead to a further sell-off, potentially driving bitcoin's price below $60,000. A decision to keep rates steady could lead to a relief rally, driving bitcoin's price back above $65,000. The key will be to watch the market's reaction to the Fed's decision and adjust positioning accordingly. The Nasdaq 100 index is down 1.2% on the day, reflecting the broader market sell-off.

The upcoming Federal Reserve rate decision and key U.S. data releases will drive market volatility in the coming days. Investors should keep a close eye on the market's reaction to these events, as they will likely impact bitcoin's price and the broader market. Wednesday's Fed decision is the key event to watch, making the next 48 hours crucial in determining the market's direction.