TLDR
- Bitcoin fell below $80,000 during Thursday’s Asian session, dropping from above $81,700 to around $79,800.
- Samsung shares fell more than 5% after its chip unit missed analyst estimates, pulling tech stocks lower.
- The Fed held rates at 3.75%-4% in a 10-2 vote, and traders see a 78.4% chance of a December hike.
- Crypto futures saw $356 million in liquidations, with $205 million from long positions.
- Analyst Michaël van de Poppe still sees $90,000-$95,000 for Bitcoin this quarter.
Bitcoin (BTC) fell below $80,000 during Thursday’s Asian trading session. The move reversed a two-day rebound and followed a new wave of caution in global tech stocks.
The largest cryptocurrency dropped from above $81,700 to around $79,800. It pulled the wider crypto market lower and triggered liquidations among traders betting on a rally.
Tech Weakness Spreads to Crypto
The selloff began in Asia. Samsung shares fell more than 5% after its semiconductor division missed elevated investor expectations.
SAMSUNG JUST REPORTED ITS 4TH STRAIGHT QUARTER OF RECORD EARNINGS
– Revenue: $145.5B, more than double a year ago
– Operating profit: $80.1B, up nearly 9x
– Net profit: $56.0B vs $64.2B est 🔴Its chip division made ~$79.4B of operating profit, ~99% of the company's total, per… pic.twitter.com/bWOK6dhKfR
— Evan (@StockMKTNewz) October 29, 2026
The chip unit reported a 15-fold jump in operating profit to 106.5 trillion won for the three months through September. That was just short of the 108.5 trillion won analysts expected.
South Korea’s Kospi fell more than 2%, and Nasdaq futures declined 1.4%. Ether, XRP and Solana also moved lower.
Bitcoin had been set to lose 3.2% in October, according to Investing.com. It would be the second year in a row of losses for the month.
Fed Holds Rates With a Firm Tone
The Federal Reserve kept its benchmark rate at 3.75%-4% on Wednesday. The vote was 10-2, with Governor Lisa Cook and Cleveland Fed President Beth Hammack favoring a quarter-point hike.
🇺🇸 JUST IN: Fed Chair Kevin Warsh says inflation has been above the 2% target for nearly SIX years.
Warsh said "inflation is too high," as the Fed held rates at 3.75% to 4%.
"It's our responsibility to get inflation down," the Fed Chair said.
He also announced changes to the… pic.twitter.com/qtxyNYX08k
— Coin Bureau (@coinbureau) October 28, 2026
Fed Chair Kevin Warsh said inflation has run above the Fed’s goal for close to six years. He declined to say whether rates would rise at the next meeting on Dec. 8-9.
CME FedWatch data showed a 78.4% chance of a quarter-point hike by December. Theo’s Iggy Ioppe said markets had priced in the hold, “but not the hawkish tone.”
Ioppe added that at current rates, Bitcoin has to compete with a risk-free rate near 4%.
Oil prices also rose on Wednesday, with Brent crude settling 1% higher. Fighting in Yemen, including a Houthi attack on Saudi Arabia’s Ras Tanura refinery, kept a lid on sentiment.
Bitget analyst Lewis Huang said Bitcoin’s next move may depend on Treasury yields, the dollar and risk sentiment. Thursday brings the PCE inflation report and Q3 GDP data, along with earnings from several large tech firms.
Futures positions worth $356 million were liquidated over 24 hours. Long positions made up $205 million of the total.
Bitcoin futures saw $94 million in liquidations, while ether futures saw $72 million.
Analyst Michaël van de Poppe said on X that $90,000-$95,000 is still possible this quarter. He had expected a retest of $80,000 that did not happen during the FOMC.
$90,000–95,000 for #Bitcoin this quarter is still on the cards.
I was expecting to see a retest at $80,000, this hasn't happened today through FOMC.
Spot is aggressively buying #Bitcoin, perps are currently short on the markets.
That means that there's structural demand for… pic.twitter.com/vlmgmzZ0dT
— Michaël van de Poppe (@CryptoMichNL) October 28, 2026
He noted that spot buyers are aggressively buying while perpetual futures traders are short, which he reads as structural demand. He believes Bitcoin is at the end stage of its correction.
Bitcoin was trading near $80,291 at last report.
