South Korea's KOSPI, S&P 500, Gold Sink On US-Iran Tensions, But Bitcoin Holds $68K Floor

• The Korea Composite Stock Price Index (KOSPI) dropped more than 10% in Asian trading hours, making its worst single-day drop in two years.
• The S&P 500 slipped about 0.34%, while the Dow dipped 0.8% and the Nasdaq Composite closed 1% lower. 
• Meanwhile, the cryptocurrency remained above $2.4 trillion, with Bitcoin trading at $68,000.

The cryptocurrency market held above $2.4 trillion on Tuesday night, with Bitcoin (BTC) retaining above $68,000 even after the S&P 500, gold, and the Korean stock market wavered in the face of military conflict between the U.S., Israel, and Iran.

The Korea Composite Stock Price Index (KOSPI) dropped more than 10% in Asian trading hours, making its worst single-day drop in two years, as the U.S.-Iran war enters its fifth day. South Korea imports around 70% of its oil from the Middle East, and the de facto blockade of the Strait of Hormuz is a threat to its energy security. 

The S&P 500 slipped about 0.34%, while the Dow dipped 0.8% and the Nasdaq Composite closed 1% lower. The plunge extended into overnight trade with the SPDR S&P 500 ETF (SPY) down 0.70%, the SPDR Dow Jones Industrial Average ETF (DIA) falling 0.58%, and the Nasdaq-100 tracking Invesco QQQ Trust (QQQ) tumbling 0.92%. Retail sentiment around QQQ on Stocktwits remained in ‘bearish’ territory over the past day. 

Gold’s price dropped as much as 5% before paring losses. Gold spot prices are currently trading at around $5,100. The SPDR Gold Shares ETF (GLD) moved 0.83% higher in overnight trade, with retail sentiment on Stocktwits rising to ‘bullish’ from ‘neutral’ territory over the past day.

As global markets tumbled alongside developments in the Middle East, Bitcoin’s price held above $68,000, edging 0.5% higher in the last 24 hours. However, retail sentiment around the apex cryptocurrency on Stocktwits dipped to ‘bullish’ from ‘extremely bullish’ territory over the past day. 

What Is Retail Saying?

One bullish user said that Bitcoin has returned to acting like a digital safe haven.

Another user pointed to the decoupling of Bitcoin’s price from equities.

CEO of Jan3 also noted the change, stating that “something has shifted” and hinting at the possibility of Bitcoin decoupling from the global financial market.

Altcoins Continue To Tumble

While Bitcoin held onto its support levels, Cardano (ADA), Dogecoin (DOGE), and Ethereum (ETH) led losses among crypto majors on Tuesday night. ADA’s price fell 3.6% in the last 24 hours to around $0.26. On Stocktwits, retail sentiment around the altcoin slipped to ‘bearish’ from ‘neutral’ territory over the past day. 

 

Dogecoin’s price fell 2.9% in the last 24 hours to around $0.088. Retail sentiment around the leading memecoin remained in ‘bearish’ territory over the past day. Meanwhile, Ethereum’s price fell 1.4% in the last 24 hours to $1,966 – unable to climb back above the critical $2,000 level. Retail sentiment around ETH fell to ‘neutral’ from ‘bullish’ territory over the past day. 

Read also: Coinbase CEO Brian Armstrong Visits White House Amid CLARITY Act Stalemate: Report

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