Bitcoin slipped below $64,000 once more on July 28, wiping out around $100 million in leveraged positions across the crypto market in just 60 minutes. This marks the third time since July 24 that traders have been forced out near this price point.
The $64,000 level has become a key battleground for bitcoin over the past week. Late last week, the price dropped from nearly $67,000, setting off an $87 million liquidation event split mostly between $70 million long positions and $17 million shorts. Just three days later, bitcoin failed thrice to break resistance at $65,500, causing $75 million in liquidations as it dropped to $64,336.
Today’s rapid plunge mirrors these moves, but faster: $100 million liquidated within an hour, surpassing earlier liquidation speeds this week.
Global Markets Stir Volatility
At the same time, South Korea's KOSPI index fell sharply by 8.02%, triggering its eighth circuit breaker of 2026 due to a selloff in U.S. semiconductor stocks. This follows a similar chip-stock rout on July 13, which had unleashed the seventh circuit breaker this year.
Crypto assets and semiconductor equities have been closely linked throughout 2026. A mid-July selloff in the Philadelphia Semiconductor Index, tied to cooling AI infrastructure excitement, dragged bitcoin below $63,000 along with broader tech losses. These events highlight how turmoil on Wall Street and in Seoul’s tech sectors frequently spills into cryptocurrency prices.
Fed’s Interest Rate Decision in Focus
The Federal Reserve is another looming factor. Chair Kevin Warsh kicked off the July 28 29 meeting with the funds rate unchanged at 3.50% 3.75%, marking the fourth straight hold. Expectations for a 2026 rate cut have been pushed back in several forecasts. The policy statement due tomorrow could provide fresh guidance and further influence market sentiment.
This content is for informational purposes only and is not financial advice.
