Bitcoin dropped below the key $80,000 threshold during Thursday’s Asian trading session, abruptly halting a two-day rebound as a wave of risk aversion rippled from global technology stocks into digital assets. The leading cryptocurrency fell from above $81,700 to near $79,800, pulling down major altcoins including ether, solana, and XRP while sparking a cascade of forced liquidations across derivative exchanges.
The broader market slide originated in Asian equity markets after shares of South Korean tech giant Samsung tumbled more than 5%. Although Samsung’s semiconductor division posted a 15-fold surge in quarterly operating profit to 106.5 trillion won, the performance narrowly missed elevated market expectations of 108.5 trillion won. Combined with the company’s aggressive 60% hike in projected annual capital expenditures, the shortfall unnerved investors, dragging South Korea’s Kospi down over 2% and knocking Nasdaq futures lower by 1.4%.
Adding to the cautious sentiment, the Federal Reserve kept its benchmark interest rate unchanged in the 3.75% to 4% target range overnight, delivering what analysts viewed as a hawkish hold. Fed Chair Kevin Warsh noted ongoing progress on cooling price pressures but warned that inflation remains uncomfortably high, prompting financial institutions like ING to anticipate another potential rate hike in December.
The combination of persistent macro tightening signals and tech-sector weakness triggered rapid fallout across crypto derivatives. Data shows over $356 million in leveraged crypto futures positions were wiped out in the past 24 hours, with long traders bearing the brunt of the losses at $205 million. Liquidations tied specifically to bitcoin contracts surpassed $94 million, while ether futures saw an additional $72 million cleared out as market participants unwound upside bets.
