According to Woofun AI, the sharp turbulence in Asian stock markets quickly transmitted to the cryptocurrency market, triggering widespread selling, but Bitcoin (BTC) managed to hold the key psychological threshold of $80,000 thanks to strong buying support.
From a micro perspective, BTC is currently trading at $81,200, down about 0.5% since the midnight UTC open, and at one point during the session it had fallen as much as 1%.
Notably, around 2:30 AM UTC, bullish forces stepped in and pushed the price back above $80,000. This support level is adjacent to the October 8 low of $80,300, indicating solid buying interest below.
Panic sentiment in traditional asset markets significantly intensified selling pressure on crypto assets. South Korea's KOSPI plunged 8% and triggered a circuit breaker, while Nasdaq 100 futures fell about 1%, extending the Nasdaq Composite's 1.9% decline on Wednesday.
Data compiled by Woofun AI shows other cryptocurrencies performed even worse: Ethereum (ETH) fell 2.0% to $2,370; the CoinDesk 80 Index dropped 2.2%, while the BTC-heavy CoinDesk 5 Index fell only 0.7%.
Low-market-cap assets saw even more violent swings. pump.fun tumbled 9.4%, and the CoinDesk Meme Coin Index fell 4.0%, leaving all but six constituents in the CD100 Index in negative territory.
On the macro front, the hotter-than-expected inflation data released on Wednesday had briefly pushed the probability of a Fed rate hike in October, as shown by the Chicago Mercantile Exchange (CME.US) FedWatch tool, from 22% to 47%, before retreating to 26%.
Market focus has now shifted to U.S. Treasury bond yields to further confirm the final direction of rate hike expectations.
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