Bitcoin rebounds above $83,000 as it decouples from tumbling Korean stocks and Nasdaq futures
Bitcoin climbed back above $83,000 after an early dip, decoupling from a sharp slide in Korean chip stocks and weakness in Nasdaq futures ahead of Thursday’s US CPI report.
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Summary
- Bitcoin recovered above $83,000 after briefly falling below $81,000 as a sell-off in Asian chip stocks and U.S. technology futures weighed on risk appetite.
- Oil prices remained elevated amid threats to Middle Eastern supplies, raising inflation concerns and the prospect of Federal Reserve rate increases that could pressure cryptocurrencies.
- Traders are awaiting Thursday’s U.S. consumer price index report, with some expecting institutional investors to hedge their crypto holdings rather than reduce their exposure.
