Bitcoin is trading near $64,000 on Friday, moving only a fraction of a percent in the past 24 hours. Most major cryptocurrencies are still lower on the week, a stark contrast to South Korea's stock market, where the Kospi index surged a record 17% this week.
Crypto's quiet week
The largest digital asset has barely budged since Monday, hovering in a tight range around $64,000. Altcoins have fared worse, with many posting weekly losses. The lack of momentum comes after a period of relative stability for bitcoin, which has been range-bound for much of July.
Seoul's record rally
South Korea's Kospi index jumped 17% this week, its biggest weekly gain on record. The rally was led by tech heavyweights Samsung and SK Hynix, whose shares both surged more than 23%. The move marks a sharp reversal from earlier in the month, when the index was under pressure.
Diverging risk appetites
The divergence between crypto and Korean equities is unusual. Both asset classes are often seen as risk-on plays, but this week investors piled into Seoul-listed stocks while crypto remained subdued. The Kospi's record surge suggests a strong local catalyst, though the facts do not specify what drove the rally.
For now, bitcoin traders are watching for a breakout from the $64,000 level. The next major move could come with the monthly close on Monday.
