I was curious about the reason for the stock market crash yesterday, and it turns out everything is connected. As the Middle East situation worsened, oil prices surged, causing Asian stock markets to wobble. Korean stocks reportedly experienced their worst two-day decline since 2008.

This also affected the cryptocurrency market. Bitcoin has been moving around the 81K mark recently, but just at the beginning of last week, it dropped to 67K. Ethereum is around 2.3K, and Solana is about $95, with Solana showing some recovery lately. As of the 7th, it has risen over 13%. Meanwhile, Dogecoin and Cardano are still showing weakness.

Analysts say the key points going forward are twofold. One is whether ETF funds will continue to flow in, and the other is whether Bitcoin can hold the 63K support level. The market is currently in a wait-and-see phase, and until the reasons for the stock crash are clarified, risk assets are likely to remain under pressure.

Some see Bitcoin as a new reserve asset, but many still don’t consider it as stable as gold, so volatility remains high. This is especially true when there’s a clear external shock like the current stock market decline. Personally, I think I need to watch the ETF fund flows and the Hormuz Strait situation this week.