Bitcoin Retreats to $63K Amid Global Risk-Off Wave and Korea’s Market Shock

Markets turned defensive as investors moved away from risk assets, though Bitcoin continued to outperform major equity indexes, including the Nasdaq and several Asian stock markets.

Ionic Digital enters Nasdaq trading after Celsius bankruptcy

Ionic Digital, the Bitcoin mining company created from the remaining assets of the failed Celsius platform previously led by jailed founder Alex Mashinsky, is making its Nasdaq debut through a direct listing with a reference price of $53.

The company is now presenting itself as a digital infrastructure firm focused on meeting the rising energy needs of artificial intelligence and high-performance computing markets.

Despite its broader infrastructure ambitions, Ionic remains active in Bitcoin mining and continues to hold a limited amount of BTC on its balance sheet.

Galaxy Digital expands Texas data center footprint

Galaxy Digital, founded by Mike Novogratz, announced a new development partnership and the purchase of 500 acres in McGregor, Texas, as part of its push into data center infrastructure.

The company expects the project’s first phase to deliver 74 megawatts of capacity.

Novogratz said the expansion reflects Galaxy’s multi-campus approach, adding that growing demand for computing power represents a long-term shift and the company is preparing infrastructure to support that trend.

Galaxy shares fell 3% in pre-market trading as the ongoing pullback in AI-related investments continued to weigh on data center stocks.

Bitcoin falls toward $63,000 as South Korean stocks plunge

Bitcoin slipped toward $63,000 as a sharp selloff in semiconductor shares pressured Asian markets, with South Korea’s Samsung and SK Hynix leading the decline in the Kospi index.

The Kospi dropped 10.8% overnight, extending its decline to 34% from its peak reached just a month earlier.

The semiconductor sector faced additional pressure from concerns over China’s growing chipmaking capabilities. Reports indicated that a Beijing-backed company has begun producing deep ultraviolet (DUV) lithography machines similar to those manufactured by ASML. Shares of ASML declined 5.8% on Monday and fell another 4.7% in pre-market trading.

After initially holding up despite weakness in technology stocks, cryptocurrencies eventually moved lower alongside Asian equities. Bitcoin dropped more than 2% over the past 24 hours, trading near $63,400.

Other major cryptocurrencies also declined, with Ethereum, XRP, and Solana falling between 3% and 4%.

Investors are now focused on the Federal Reserve’s two-day policy meeting, with markets divided over whether the central bank will raise interest rates at Wednesday’s announcement.

Bitcoin’s next major hurdle sits at $68,500

Bitfinex analysts identified Bitcoin’s short-term holder cost basis near $68,500 as the key level to watch ahead of the Fed decision.

This level represents the average purchase price of BTC held by investors who acquired their coins within the past 155 days and could determine Bitcoin’s medium-term direction.

Analysts said the $68,500 zone could act as strong resistance, as many traders may sell once their positions return to breakeven.

However, a sustained move above that level could trigger further upside, with trading data suggesting the next major resistance area may be around $84,000. Analysts compared the setup with Bitcoin’s rapid climb from roughly $67,000 to above $80,000 during the mid-May rally.

Bitcoin rebounds slightly despite market uncertainty

Bitcoin recovered from session lows as it showed resilience despite continued weakness across traditional markets.

BTC traded near $63,500 after bouncing from an earlier low of $63,065, according to CoinDesk data. The cryptocurrency remained slightly lower on the day and was down close to 3% over the previous 24 hours.

Meanwhile, Nasdaq futures dropped to their weakest level since May, falling to around 27,930 points. The contracts were down 1.2% for the week after reaching nearly 31,000 in June. Nvidia, a major driver of the AI market rally, fell almost 5% on Monday.

South Korea’s Kospi index led the broader market decline with a 10% drop, while other Asian markets, including Japan’s Nikkei, also moved lower as investors reduced exposure to risk assets.