- Bitcoin fell below $80,000 in Thursday’s Asian session, sliding from above $81,700 to around $79,800 and reversing a two-day rebound, with ether, XRP and solana also lower. CoinDesk data showed bitcoin near $79,874, down about 1.1%, and ether near $2,310, down about 1.6%.
- Leverage amplified the move. Futures positions worth $356 million were liquidated over 24 hours, with long positions accounting for $205 million, including $94 million in bitcoin futures and $72 million in ether futures.
- Tech stocks lit the fuse. Samsung shares fell more than 5% after its chip unit’s 106.5 trillion won operating profit fell short of the 108.5 trillion won estimate, South Korea’s Kospi dropped more than 2%, and Nasdaq futures declined 1.4%.
- The Fed added pressure. The central bank held rates at 3.75% to 4% in what was described as a hawkish hold, and ING still expects another increase in December after September’s hike.
What Happened?
Fed Chair Kevin Warsh acknowledged progress on inflation but said price pressures remain too high. BlackRock’s Rick Rieder said investors should avoid a “heroic directional call” on rates and that real yields remain attractive, favoring a moderate duration posture. In Asia, Samsung also guided to about $63 billion of capital spending this year, up roughly 60%.
Why It Matters?
Bitcoin is trading as a high-beta tech asset: a chip earnings miss in Korea and a hawkish Fed hit it alongside Nasdaq futures. CoinDesk noted the risk that a hawkish tone keeps real yields elevated and limits inflows into speculative assets, which matters for crypto ETFs and miners that depend on fresh demand.
What’s Next?
Watch whether bitcoin can reclaim $80,000 as US trading opens, Thursday’s PCE inflation data and Amazon’s results after the close, which will shape the tech mood that crypto has been tracking. Further long liquidations are possible if prices keep sliding.
Affected Tickers and Coins: BTC, ETH, XRP, SOL, QQQ
Source: CoinDesk
