Bitcoin rose 1.3% to nearly $82,000 in Asian morning hours on October 16, after falling below $80,000, as Asian chip stocks bounced back from Thursday’s rout.
The decline fell to roughly $79,800, breaking below the $80,400 level buyers had defended twice the previous week, CoinDesk reported. Bitcoin subsequently held above $81,000 through Asian trading.
ZEC led large-cap cryptocurrencies, rallying 8% to nearly $1,190. SOL, ETH, XRP, and TRX added roughly 1% apiece, with BNB remaining unchanged, according to CoinDesk data.
Important Read: Bitcoin Falls Below $81,000 as U.S. Inflation Hits 3.7%
Asian Stocks Join the Recovery
MSCI’s Asia Pacific equity index gained 1.3%, with roughly three shares rising for every one that fell.
Samsung Electronics and SK Hynix each rose more than 2%, while South Korea’s KOSPI jumped nearly 3% after closing Thursday at its lowest since April.
Rebound Follows Broad Market Stress
The recovery followed a difficult Thursday session, when KOSPI plunged nearly 8% and triggered circuit breakers, Reuters reported.
On Thursday, crypto futures liquidations totaled nearly $1 billion over 24 hours after stronger-than-expected U.S. inflation. Ether long positions accounted for about $200 million in liquidations, compared with $115 million for Bitcoin longs.
Attention now turns to Federal Reserve Chair Kevin Warsh’s Friday remarks at the IMF and World Bank meetings in Bangkok.
According to CoinDesk, breaking above the $84,000 resistance level that capped Wednesday’s post-inflation surge would signal real buying strength behind the bounce.
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