South Korea · Bitcoin · Ethereum · Iran · The Block
Bitcoin reclaims $63,000 in ‘oversold relief rally’; South Korea’s KOSPI plunges 8%
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Bitcoin, Ethereum, and the broader cryptocurrency market rebounded late Sunday night following an extended decline over the past week.
Key facts
- s crypto price page, bitcoin rose 3% to $63,168 in the past 24 hours leading up to 10:25 p.m
- A harsh sell-off in semiconductor-related stocks drove the decline, Samsung dropped 7.3%, while SK Hynix lost 4%
- Bitcoin’s roughly 5% rebound this morning may be partly due to the market becoming oversold after last week’s sharp selloff," Min Jung, associate researcher at Presto Research, told The Block
- South Korea's benchmark KOSPI fell more than 8% after markets opened Monday morning in Asia, triggering a circuit breaker to halt the market
Summary
Bitcoin, Ethereum, and the broader cryptocurrency market rebounded late Sunday night following an extended decline over the past week. 's crypto price page, bitcoin rose 3% to $63,168 in the past 24 hours leading up to 10:25 p.m. Analysts told The Block that bitcoin's latest rebound appears to be a "classic oversold relief rally. "Bitcoin’s roughly 5% rebound this morning may be partly due to the market becoming oversold after last week’s sharp selloff," Min Jung, associate researcher at Presto Research, told The Block. Jung pointed out that bitcoin remains down roughly 15% in the past week despite today's recovery, and has underperformed many other risk assets.