Bitcoin registered an intraday low of $79,730 before recovering to around $82,000 as surging US wholesale inflation intensified a cryptocurrency selloff that triggered nearly $940 million in liquidations. This price action extended losses as stronger-than-expected inflation data raised concerns about another interest rate hike by the Federal Reserve.
Bitcoin staged a rapid recovery Thursday, climbing back above $82,000 to trade slightly higher over 24 hours with a market cap near $1.65 trillion. BTC Rebounds Above $82K After CPI Volatility Bitcoin appeared to recover from a morning rout Thursday after it reclaimed $82,000 just hours after sliding below $80,000.
Bitcoin fell hard Wednesday. The price dropped 3.
Bitcoin mining difficulty is set to rise about 6.7% on Friday, the most since June, with BTC about 3% below the $85,000 JPMorgan estimates it costs to mine.
He put the downside to $75,000 at about 7% and said Bitcoin may not revisit that level. Killa cited investors who waited for $50,000 after Bitcoin reached $60,000.
Bitcoin later recovered toward $81,000 as Japan's Nikkei 225 dropped 4.90% and U.S. inflation accelerated in September.
Whale withdrawals are rising, but renewed ETF selling threatens to offset the tightening Bitcoin supply.
The Bank of Russia bans transfers from regulated accounts to self-custody wallets as Sberbank wins approval to offer crypto exchange services. Russia's central bank bans Bitcoin transfers to self-custody wallets.
Cboe's analysis highlights the risk management advantages of options over Bitcoin perps, potentially influencing trader preferences. Cboe compares Bitcoin perpetual futures with 0DTE options on risk.
The liquidation of leveraged shorts highlights the volatility and risk in crypto markets, emphasizing the need for cautious trading strategies. Bitcoin retests $82,000 as $20 million in leveraged shorts get liquidated.
On Friday 18,029 Bitcoin options run out on Deribit, the calculated max pain sits at $83,000 and therefore $2,229 above the price. The spread of open contracts shows why the $80,000 level matters more on this expiry day than the $83,000 figure.
Hot inflation data revived Fed rate-hike bets, and leveraged bulls paid the bill as nearly $1 billion in crypto positions were liquidated.