【Bitcoin falls below $80,000! Crypto market sees $356 million in liquidations in 24 hours】
Bitcoin fell below $80,000 during Asian trading on October 29, retreating from a rebound high of around $81,700 over the previous two days to approximately $79,800. The cryptocurrency market came under pressure at the same time, as investor concerns about tech stocks and U.S. interest rate policy intensified.
Tech stocks weaken, safe-haven sentiment rises
Although Samsung’s semiconductor business saw a sharp increase in profits, results still fell short of market expectations. Its share price dropped more than 5%, and South Korean stocks also declined. Selling pressure in tech stocks gradually spread to the crypto market, reflecting growing caution toward high-risk assets.
Fed holds rates steady, but markets remain concerned about rate hikes
The U.S. Federal Reserve announced that it would keep its benchmark interest rate at 3.75% to 4.00%. But with inflation still above its 2% target, markets continue to watch for the possibility of future rate hikes, limiting the room for risk assets to rebound.
Leveraged liquidations amplify the decline
Citing market data, CoinDesk reported that crypto futures liquidations totaled around $356 million over the past 24 hours, including about $205 million in long positions. Bitcoin futures liquidations totaled approximately $94 million, showing that the price drop also triggered forced closures of leveraged positions.
$BTC
Bitcoin fell below $80,000 during Asian trading on October 29, retreating from a rebound high of around $81,700 over the previous two days to approximately $79,800. The cryptocurrency market came under pressure at the same time, as investor concerns about tech stocks and U.S. interest rate policy intensified.
Tech stocks weaken, safe-haven sentiment rises
Although Samsung’s semiconductor business saw a sharp increase in profits, results still fell short of market expectations. Its share price dropped more than 5%, and South Korean stocks also declined. Selling pressure in tech stocks gradually spread to the crypto market, reflecting growing caution toward high-risk assets.
Fed holds rates steady, but markets remain concerned about rate hikes
The U.S. Federal Reserve announced that it would keep its benchmark interest rate at 3.75% to 4.00%. But with inflation still above its 2% target, markets continue to watch for the possibility of future rate hikes, limiting the room for risk assets to rebound.
Leveraged liquidations amplify the decline
Citing market data, CoinDesk reported that crypto futures liquidations totaled around $356 million over the past 24 hours, including about $205 million in long positions. Bitcoin futures liquidations totaled approximately $94 million, showing that the price drop also triggered forced closures of leveraged positions.
$BTC
