Markets moved into a risk-off environment, though Bitcoin showed relative strength compared with the Nasdaq and several major Asian equity markets.
Ionic Digital begins Nasdaq debut after Celsius restructuring
Ionic Digital, the Bitcoin mining firm created from the assets of bankrupt Celsius following the collapse of Alex Mashinsky’s crypto platform, is set to begin trading on the Nasdaq through a direct listing with a reference price of $53.
With investor attention shifting toward artificial intelligence and computing infrastructure, Ionic is positioning itself as a digital infrastructure company designed to support the growing energy demands of AI and high-performance computing.
Despite this broader focus, the company continues operating Bitcoin mining activities and holds a modest BTC treasury.
Galaxy Digital expands Texas data center strategy
Galaxy Digital, led by CEO Mike Novogratz, announced a new development agreement and the acquisition of 500 acres in McGregor, Texas, as part of its efforts to expand its data center business.
The initial stage of the project is expected to deliver 74 megawatts of capacity.
Novogratz said the move reflects Galaxy’s broader multi-campus strategy, noting that rising demand for computing power represents a long-term structural shift and that the company is building infrastructure to capture that opportunity.
Galaxy shares declined 3% in pre-market trading as continued weakness in AI-related stocks pressured companies connected to the data center sector.
Bitcoin drops toward $63,000 as South Korea’s Kospi crashes
Bitcoin declined toward $63,000 as renewed weakness in semiconductor stocks pushed Asian markets lower, with South Korea’s Samsung and SK Hynix leading a sharp selloff in the Kospi index.
South Korea’s benchmark index plunged 10.8% overnight and has now dropped 34% from its peak reached just one month ago.
The semiconductor sector also faced pressure from growing concerns over China’s technological progress. Reports indicated that a Beijing-backed company has started producing deep ultraviolet (DUV) lithography machines similar to those manufactured by ASML in the Netherlands. ASML shares fell 5.8% on Monday and declined another 4.7% in pre-market trading.
After initially showing limited reaction to the weakness in chip stocks, cryptocurrencies moved lower alongside Asian equities. Bitcoin fell more than 2% over the past 24 hours, trading near $63,400.
Other major cryptocurrencies also declined, with Ethereum, XRP, and Solana falling roughly 3% to 4%.
Investors are now focused on the Federal Reserve’s two-day policy meeting, with markets uncertain over whether the central bank will raise interest rates at Wednesday’s announcement.
Bitcoin’s $68,500 level becomes key resistance zone
Ahead of the Fed decision, Bitfinex analysts highlighted $68,500 as a crucial level that could determine Bitcoin’s next major move.
The price represents the average cost basis of short-term Bitcoin holders who have held their coins for fewer than 155 days and is viewed as an important resistance area for the medium-term trend.
Analysts said Bitcoin could encounter strong selling pressure near $68,500, as many investors may look to exit once their positions return to breakeven.
However, a decisive move above this level could open the path toward higher targets, with trading volume patterns suggesting the next major resistance zone could be near $84,000. Analysts compared the setup to Bitcoin’s rapid advance from around $67,000 to above $80,000 during the mid-May rally.
Bitcoin rebounds slightly despite market-wide weakness
Bitcoin recovered some losses after reaching Asian session lows, even as broader risk sentiment remained weak across financial markets.
BTC traded near $63,500 after rebounding from an earlier low of $63,065, according to CoinDesk data. The cryptocurrency was slightly lower on the day and down nearly 3% over the previous 24 hours.
Meanwhile, Nasdaq futures dropped to their lowest level since May, falling to around 27,930 points. The contracts were down 1.2% for the week after reaching almost 31,000 in June. Nvidia, one of the index’s largest components, declined nearly 5% on Monday.
South Korea’s Kospi index led the regional selloff with a 10% plunge, while other Asian markets, including Japan’s Nikkei, also moved lower amid rising investor caution.
