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Bitcoin buyers snap up a brief drop below $80,000 as Asian stocks rebound
In this news:
Key takeaways
- Bitcoin briefly dipped below $80,000 before recovering to nearly $82,000.
- ZEC was a standout among major tokens, gaining 8% to reach about $1,190.
- Asian stock markets rebounded, supporting the broader crypto market recovery.
Bitcoin recovery and Asian market rebound
Bitcoin rose 1.3% to nearly $82,000 as of Friday Asian morning hours after buyers pounced on a brief drop below $80,000, with Asian chip stocks bouncing back from Thursday’s rout.
ZEC was the standout among the majors, jumping 8% to about $1,190. SOL, ether, XRP and TRX added about 1% apiece, and BNB went nowhere, according to CoinDesk data.
Details of the price dip
Bitcoin’s break below $80,000 lasted all of two hours. The slide on Thursday took it to about $79,800, cutting through the roughly $80,400 low that buyers had defended twice in the past week, and that’s where they showed up again. Bitcoin was back near $82,500 within two hours and held above $81,000 through Asian trading.
Equities market performance
Stock traders bought the dip too. MSCI’s Asia Pacific equities gauge climbed 1.3%, with roughly three shares rising for every one that fell. Samsung Electronics and SK Hynix both gained more than 2%, and South Korea’s Kospi jumped nearly 3% after closing at its lowest since April on Thursday.
Taiwan Semiconductor Manufacturing was the odd one out, slipping even after an upbeat outlook as worries over AI spending hung around.
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