Bitcoin quickly rebounded to around $82,500 within two hours after falling below $80,000, and Seoul-based chip manufacturers also saw a recovery from their worst closing performances since April.
Bitcoin rebounds by 1.3%, approaching $82,000, after briefly falling below $80,000; meanwhile, ZEC leads the main cryptocurrencies with a 8% increase.
Asian stock markets also saw a rebound, with South Korean chip manufacturers leading the gains. However, TSMC experienced a slight decline due to market concerns regarding spending on artificial intelligence.
Traders are watching whether Bitcoin can break through $84,000, as well as the speech by Federal Reserve Chairman Kevin Warsh following the release of inflation data that was higher than expected.
During the early trading session in Asia on Friday, Bitcoin rose by 1.3% to approach $82,000, as buying interest quickly entered the market after it briefly fell below $80,000; Asian chip stocks also rebounded from the selling pressure on Thursday.
According to CoinDesk data, ZEC has performed the most prominently among the major cryptocurrencies, rising by 8% to around $1,190. SOL, Ethereum, XRP, and TRX all rose by about 1%, while BNB remained relatively stable.
Bitcoin fell below $80,000 in just two hours. The decline on Thursday pushed it down to around $79,800, breaking through the $80,400 low that buyers had managed to hold onto twice over the past week, only for buying interest to reappear at that level. Bitcoin managed to rebound to around $82,500 within two hours and remained above $81,000 during the Asian trading session.
TSMC is one of the few exceptions; despite its optimistic prospects, its stock price has still declined amidst ongoing concerns in the market regarding spending on artificial intelligence.
Bonds gave back some of the gains seen on Thursday as investors flocked to safe-haven assets. U.S. Treasury bonds fell across the board, pushing the yield on 10-year Treasuries up by 1 basis point to 5.07%. Traders are now turning their attention to Federal Reserve Chairman Kevin Warsh, who will speak at a meeting of the International Monetary Fund and the World Bank in Bangkok on Friday, just two days after inflation data in September came in higher than expected.
If Bitcoin manages to regain the level of $84,000 again—namely, the level at which the upward momentum during the rally following the release of inflation data on Wednesday was lost—it would indicate that there is indeed buying support behind this rebound.
