Bitcoin Holds Steady at $62,600 Amid South Korean Market Turmoil
Bitcoin remains steady at $62,600 following a significant selloff triggered by geopolitical tensions and a downturn in South Korean equities, as reported by CoinDesk. The KOSPI index's decline has led to increased trading volumes on South Korean exchanges, particularly Upbit, which surged by 1,426%.
Bitcoin trades at $62,600 after a drop from $64,400 to $61,800, with recent liquidations totaling $283 million, split 74% to 26% in favor of longs. This price stabilization occurs after Monday's volatility and amid rising geopolitical tensions, including threats of further strikes on Iran from U.S. President Donald Trump. Moreover, South Korea's KOSPI index has fallen 10% since last week, driving local investors back to crypto markets.
With increased trading activity on platforms like Upbit, which reported a 1,426% rise in volume, South Korean investors appear to be reversing their trend of moving away from cryptocurrencies in favor of the stock market. "The KOSPI meltdown is pushing traders back to crypto, potentially reversing the selloff seen last year," noted analysts tracking the flows. The volatility has also affected Ethereum, which is trading in a range of $1,770 to $1,790, while overall trading volume across ETH pairs has seen a modest increase of 2.2%.
Despite the buzz in trading volumes, the Bitcoin derivatives market remains stable. Open interest is reported at $17.1 billion, with funding rates not indicating excessive leverage. The options market, while slightly call-biased, reflects a moderation in bullish sentiment, as seen in the put/call ratios decreasing from 64% to 58%. This may signal a shift in traders' outlook amidst current market uncertainties.
Investors may want to keep an eye on Bitcoin's performance concerning the $61,300 liquidation threshold noted in Binance's liquidation heatmap. As trading dynamics continue to shift, understanding these associated indicators could be critical for market participants looking to manage their positions effectively.
Summary based on original reporting by Oliver Knight at CoinDesk, originally published Jul 14, 2026. SolanaWire does not republish source content.
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