- On Tuesday night, global markets faced volatility due to the military conflict in the Middle East, but Bitcoin held firm above $68,000.
- The Korea Composite Stock Price Index (KOSPI) plunged over 10%—its worst drop in two years—with South Korea‘s energy security threatened.
- Major U.S. stock indices and Gold fell, while Bitcoin’s resilience was noted as a potential decoupling from traditional finance.
- Altcoins like Cardano, Dogecoin, and Ethereum tumbled, even as the total cryptocurrency market cap remained above $2.4 trillion.
On Tuesday night, Bitcoin defied a global market selloff, holding above $68,000 even as a military conflict involving the U.S., Israel, and Iran rattled traditional assets. The Korea Composite Stock Price Index crashed more than 10% in Asia, marking its most severe daily loss in two years.
Consequently, this plunge highlighted regional energy vulnerabilities, as South Korea imports about 70% of its oil from the Middle East. Meanwhile, U.S. benchmarks including the S&P 500 and Nasdaq Composite closed lower, with the SPDR S&P 500 ETF (SPY) declining in overnight trade. Retail sentiment for the Nasdaq-100 tracking Invesco QQQ Trust (QQQ) remained in ‘bearish’ territory on Stocktwits.
However, Bitcoin edged 0.5% higher, maintaining its value as other markets wavered. Retail sentiment for the cryptocurrency on Stocktwits dipped slightly from ‘extremely bullish’ to ‘bullish’ over the past day. In contrast, gold spot prices dropped as much as 5% before recovering some losses, even as the SPDR Gold Shares ETF (GLD) saw its retail sentiment turn ‘bullish’.
Observers quickly noted this shift, with one bullish user stating Bitcoin was again acting like a digital safe haven. CEO of Jan3 also noted the change, stating that “something has shifted” regarding Bitcoin’s correlation with equities. Meanwhile, major altcoins could not match Bitcoin’s steadiness, with Cardano (ADA), Dogecoin (DOGE), and Ethereum (ETH) leading losses among cryptocurrencies.
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