Bitcoin dips below $80K amid South Korea tech sell-off and US inflation data

AI-generated briefing · First published

Bitcoin fell to $80,154, its lowest in three weeks, as the KOSPI plunged 7.5% and US CPI and PPI both exceeded forecasts.

Bitcoin fell to $80,154 on Bitstamp, its lowest level since Sept. 20, after South Korea’s KOSPI Composite Index closed 7.5% lower at 5,554 points, its lowest finish since April 8. The CoinDesk 80 index dropped 2.2%. [1] [2] [3]

US September CPI rose 3.7% year-on-year and PPI jumped 6.3%, the largest monthly gain since March 2022, both above expectations. US 10-year bond yields fell nearly 3% despite the hotter data. [1] [4]

SK Hynix and Samsung Electronics shares fell 11% and 9.5% respectively. Samsung is due to report Q3 sales of 195 trillion won and operating profit of 107 trillion won on Oct. 29. [1]

Sources

  1. Bitcoin dips to $80.1K as KOSPI closes at its lowest since April

    Cointelegraph · · Full text

  2. Bitcoin holds above $80,000 as Asian stock rout drags altcoins lower

    CoinDesk · · Summary only

  3. Bitcoin Briefly Dips Below $80,000 as Volatility Roils Markets

    Bloomberg · · Summary only

  4. Bitcoin slips under $80K after US PPI gains most in four years

    Cointelegraph · · Full text

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