Brief
Bitcoin slides to $80,154 as South Korean market slump deepens
The cryptocurrency hit a three‑week low while the KOSPI closed at its lowest since early April.
By Felo News Desk · Published
Bitcoin (BTC) fell to $80,154 on Thursday, its lowest level in more than three weeks, as the cryptocurrency tracked fresh losses on South Korean equity markets, Cointelegraph reported.
What happened
Data from TradingView showed BTC/USD hitting $80,154 on Bitstamp, a price last seen on September 20. The drop coincided with the Korea Composite Stock Price Index (KOSPI) closing at 5,554 points, a 7.5% decline and the index's lowest daily close since April 8. The broader market fell 15.5% week‑to‑date.
What the report adds
Cointelegraph linked the crypto slump to a rout in South Korean tech stocks, noting SK Hynix fell 11% and Samsung Electronics dropped 9.5% on the day. The outlet also cited analyst Kim Seok‑hwan of Mirae Asset Securities, who told The Korea Herald that “volatility is expected to persist in the near term” and that domestic supply‑demand conditions are worsening. The report added that higher‑than‑expected U.S. CPI data (3.7% YoY for September) spurred expectations of further Federal Reserve rate hikes, adding pressure to risk assets.
What was said
Kim Seok‑hwan warned, “As domestic supply‑demand conditions deteriorate, the market has become more sensitive to external risks, while a near‑term improvement in the global environment appears unlikely.” QCP Capital asked, “Does the beat force further hiking — or does credit stress prompt policy recalibration?” in its macro analysis seen by Cointelegraph.
How it came about
The Korean market weakness follows concerns over AI‑related debt, foreign capital outflows and competition from China, which pushed the KOSPI’s 200‑day moving average down to around 5,450 points, a level not seen since late July. Upcoming third‑quarter earnings from SK Hynix (Oct. 28) and Samsung (Oct. 29) could add further volatility if results miss expectations. Meanwhile, oil prices fell despite a Singapore‑registered tanker being sunk in the Strait of Hormuz, removing a potential upward pressure on the CPI‑driven rate‑hike narrative.
Key facts
- Bitcoin fell to $80,154, the lowest level since September 20. (cointelegraph.com)
- The KOSPI closed at 5,554 points, a 7.5% drop and its lowest close since April 8. (cointelegraph.com)
- SK Hynix fell 11% and Samsung Electronics fell 9.5% on the same day. (cointelegraph.com)
- U.S. September CPI rose 3.7% year‑on‑year, fueling expectations of further Fed hikes. (cointelegraph.com)
- Mirae Asset analyst Kim Seok‑hwan warned of persistent volatility in the near term. (cointelegraph.com)
Sources
- [1] cointelegraph.com — originally reported as “Bitcoin Price Sinks Toward $80,000 as Korea’s Stock Rout Worsens”
