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Bitcoin, XRP, ETH decouple from tumbling Korean stocks
- On Tuesday, Bitcoin climbed back above $83,000 after falling to just under $81,000 early in the session, shaking off a sharp selloff in Asian chip stocks and U.S. tech futures.
- South Korea's KOSPI plunged more than 6% intraday, falling below 6,000 as Samsung Electronics and Hynix each lost roughly 8% amid fresh China chip fears, triggering the early crypto weakness.
- Roughly $771 million in crypto positions were liquidated over 24 hours, yet Paul Howard, senior director at Wincent, noted institutional investors are "maintaining their core positions" while using derivatives to hedge downside risk.
- Crypto traders are now focused on the Bureau of Labor Statistics' consumer price index report due Wednesday, Oct. 14, which serves as the next major catalyst for market direction.
- Market analyst Daan Crypto Trades observed that Bitcoin "did make a higher low," suggesting recent price action indicates potential new support formation rather than invalidating the broader uptrend.
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21 Articles
Why did Bitcoin's latest rally stop near $84,000?
Bitcoin price has rebounded toward $84,000 on October 13 despite a steep selloff in South Korean equities, but weak ETF demand and heavy selling orders near resistance have prevented buyers from pushing higher. According to TradingView data, Bitcoin (BTC) was…
Bitcoin Holds Near $84,000 as Strong US Dollar Limits Gains
Bitcoin remained near the $84,000 level on Tuesday as US stocks recovered from early losses following a sharp sell-off in South Korea’s technology sector. However, rising US dollar strength and elevated bond yields continued to weigh on the cryptocurrency’s potential upside. Bitcoin (BTC) traded near $83,800 at the start of the US trading session, maintaining […]
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