EL7.AI Report: Selling Pressure on Bitcoin and Market Impact from Korean Equities

The cryptocurrency market is experiencing a notable decline as the total market capitalization stabilized at $2.33 trillion, with Bitcoin dominance at 54%. Technical indicators for Bitcoin show a Bearish trend with the RSI reaching 37.1, and the price trading below the 50-day and 200-day moving averages, reflecting strong selling pressure. General sentiment was affected by the 10% collapse of the Korean KOSPI index, sparking a wave of panic that transitioned to crypto assets, despite US interest rates stabilizing at 3.75% according to recent Fed data.\nOn the news and movements front, KARMA stood out with an exceptional rise exceeding 826%, while EIGEN and WLD topped the losers list. Security concerns increased after $2.4 million in Cardano assets were stolen due to a vulnerability in the SecondFi wallet, coinciding with technical pressures facing Shiba Inu. Conversely, a glimmer of institutional optimism appears with the Korean Toss Bank testing the Solana network, despite the ongoing controversy regarding the proposal to tax staking rewards on the Ethereum network, leaving the market in a state of cautious anticipation awaiting the stabilization of traditional markets.