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Bitcoin Rebounds Above $83,000 Amid Asian Chip Stocks Selloff
Bitcoin BTC $82,292.69 rebounded above $83,000 on Tuesday, recovering from an early drop as Asian chip stocks and U.S. tech futures experienced significant declines. The largest cryptocurrency by market value fell to just under $81,000 at 00:50 UTC before regaining its position. Ether ETH $2,510.30 and XRP also saw gains, with XRP touching three-week lows. Zcash (ZEC), Solana (SOL), and other major tokens followed similar patterns. The early weakness in Bitcoin was attributed to a sharp selloff in Asian chip stocks, led by South Korea’s KOSPI, which dropped more than 6% intraday, falling below 6,000 and hitting its lowest level since late July. This was accompanied by a decline in the Nasdaq futures, which fell 0.6% on Monday. The article also noted that the Dollar Index, tracking the greenback’s value against major currencies, held near 102.50, the highest since April last year. Crypto traders are now focusing on the upcoming U.S. consumer price index report as the next major catalyst, with some expecting large investors to increase hedging rather than reduce their crypto exposure.