Bitcoin slipped under the $64,000 mark once again on July 28, triggering a rapid liquidation of roughly $100 million in leveraged positions across the crypto market within just 60 minutes. This marks the third time this week that Bitcoin has failed to hold above this key level, sending traders scrambling.
Since July 24, the $64,000 threshold has acted as a critical battleground. An earlier drop below that level sparked $87 million in liquidations, with $70 million wiped out from long positions and $17 million from shorts. Three days later, the asset tried and failed three separate times to reclaim resistance near $65,500, resulting in $75 million lost in 24 hours as the price dipped to $64,336. The latest plunge followed a similar pattern but unfolded faster, shaking out more than $100 million within an hour.
Wider Market Turmoil Fuels Selloff
The crypto selloff coincided with a sharp downturn in South Korea’s KOSPI index, which plunged 8.02% its eighth circuit breaker of 2026 after U.S. semiconductor stocks took a nosedive. This chip sector rout hit Korean equities hard, reflecting a trend seen throughout July where tech and crypto markets moved in sync. The Philadelphia Semiconductor Index, buoyed for months by AI enthusiasm, reversed gains and dragged Bitcoin down alongside broader tech losses, dropping below $63,000 during a mid-month slump.
Crypto’s growing correlation with tech stocks, especially semiconductors, means these volatile swings ripple quickly across markets. Meanwhile, the Federal Reserve, chaired by Kevin Warsh, kept interest rates steady at 3.50%-3.75% during its July 28-29 meeting, offering little relief to jittery investors.
This content is for informational purposes and does not constitute financial advice.
