Cryptocurrency Market Slumps Alongside Global Equity Turmoil

South Korea’s Kospi dropped up to 9%, prompting its second trading halt this week, as chip manufacturers SK Hynix and Samsung each slid more than 8%. Nasdaq 100 futures declined 1.5%. Brent crude fell below $74 per barrel, providing only limited relief amid heightened supply worries following a projectile attack on a vessel in the Strait of Hormuz.

A portion of Bitcoin’s decline stemmed from large holders offloading sizable positions into a market that has struggled to absorb the increased supply, according to Gabe Selby, head of research at CF Benchmarks, in an email to CoinDesk.

Selby noted that much of the recent capital and investor focus has shifted toward artificial‑intelligence ventures, leaving crypto with a narrower share of overall risk appetite, which he characterized as a general market cooldown rather than any fundamental flaw in the crypto sector.

Selby argues that the current price band represents a historically supportive level for Bitcoin’s downside. ‘Bitcoin has retreated into the $50,000 to $60,000 range today, and historically this is where buyers have entered,’ he remarked.

The market remains confined within the range observed throughout the week, with Bitcoin anchoring a level it has not breached in almost two years while altcoins weaken more rapidly. Selby further highlighted $55,000 as a key support threshold to monitor and $61,000‑$62,000 as the target for bulls to retake, urging investors to maintain prudent position sizes.

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