Key Takeaways
- South Korea’s Democratic Party (DP) and Foreign Ministry officially rejected a U.S. House report alleging discriminatory "harassment" against Coupang (CPNG), labeling the claims "one-sided" and lacking objective basis.
- Europe’s record-shattering June heatwave has resulted in over 1,300 deaths, with temperatures in Germany hitting a historic 41.7°C and Spain reporting nearly 1,000 heat-related fatalities.
- Bitcoin (BTC) technical indicators have flashed three major buy signals on the 12-hour chart, including a Tom DeMark Sequential buy signal and bullish RSI divergence, targeting a move toward $65,400.
- The U.S. House Judiciary Committee report accused Seoul of using "coercive investigation tactics" against American-owned firms, a charge South Korean officials claim interferes with lawful domestic data breach probes.
South Korea Rejects U.S. "Discrimination" Allegations
The South Korean government and the ruling Democratic Party (DP) have expressed "strong regret" over a recent U.S. House Judiciary Committee report. The 35-page document, titled "Closed for Competition," alleged that South Korean antitrust authorities are engaging in a "harassment campaign" against the e-commerce giant Coupang (CPNG).
South Korean Foreign Ministry spokesperson Park Il stated that the report reflects only the "unilateral claims" of the company and ignores factual information provided by Seoul. Authorities maintain that the 625 billion won ($403 million) fine and ongoing investigations into Coupang (CPNG) are lawful responses to a massive data breach affecting over 33 million users, rather than discriminatory trade practices.
Deadly June Heatwave Shatters European Records
A brutal early-summer heatwave has devastated Europe, with the World Health Organization (WHO) linking the extreme weather to more than 1,300 deaths across the continent. Germany recorded a preliminary all-time high of 41.7°C, while countries including Denmark, the Czech Republic, and the UK also saw century-old temperature records fall.
The extreme heat has caused significant infrastructure strain, including melting roads and warped tram tracks in several major cities. In Spain alone, the MoMo monitoring system estimated nearly 900 to 1,000 heat-related deaths in June, which has been branded the second-hottest June on record for the country since 1961.
Bitcoin Technicals Signal Potential Trend Reversal
Bitcoin (BTC) is showing signs of a decisive comeback after a period of lackluster performance, recently surging past the $62,500 mark. Analysts have identified a rare "cluster" of bullish signals on the 12-hour chart, including a Tom DeMark (TD) Sequential buy signal and a SuperTrend flip to the upside.
Market experts note that the Relative Strength Index (RSI) is currently forming a bullish divergence, where price makes lower lows while the indicator makes higher lows. If these signals are validated by sustained spot volume, the immediate technical target for Bitcoin (BTC) is $65,400, which aligns with the current TD setup resistance trendline.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.