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Bitcoin rebounds above $83,000 as it decouples from tumbling Korean stocks and Nasdaq futures
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- DeepHorus
Bitcoin rebounded above $83,000 after briefly falling below $81,000, decoupling from tumbling Korean chip stocks and weak Nasdaq futures. The largest cryptocurrency dropped to just under $81,000 at 00:50 UTC before recovering, according to CoinDesk data. Traders are awaiting Thursday’s U.S. consumer price index report.
The early crypto weakness coincided with a sharp Asian technology sell-off. South Korea’s KOSPI plunged more than 6% intraday, falling below 6,000 to its lowest level since late July. It remained down roughly 6% in morning trade.
Chipmakers led the rout. Samsung Electronics and SK Hynix each fell about 8%, extending losing streaks to five sessions. Investors worried about AI-related valuations and rising competition from Chinese memory-chip producers. Hong Kong’s Hang Seng slipped 0.4%, while Nasdaq futures fell 0.6%, extending Monday’s 0.78% decline.
Oil prices stayed elevated, adding to inflation concerns. WTI crude traded near $92.67, holding most of Monday’s recovery from below $90. Fresh attacks in Saudi Arabia and threats to shipping through the Strait of Hormuz kept uncertainty high. Brent hovered around $106 after a three-day rally.
Higher oil raises inflation risks and strengthens the case for Federal Reserve rate hikes, a headwind for crypto. The Dollar Index held near 102.50, the highest since April last year. Crypto traders now see Thursday’s U.S. CPI report as the next major catalyst.
Some expect large investors to hedge rather than exit. “With US inflation data approaching, I expect institutional investors to focus on adding protection through derivatives and hedging strategies rather than materially reducing their underlying exposure,” said Paul Howard, senior director at market-making firm Wincent. He added that committed institutions typically maintain core positions while using derivatives to protect against downside. Bitcoin’s rebound above $83,000 suggests crypto remains sensitive to macro data and energy markets.
