Bitcoin slipped under $80,000 during Asian trading hours on Monday, Oct. 26, and stood at $79,785 at 08:07 UTC. It was back at $80,440 by 09:40 UTC, up about 0.4% over 24 hours, according to CoinGecko data. That leaves it roughly 4% lower than its level at the start of Thursday, Oct. 22, when it was near $84,080.
The move came as Asian stock markets fell and crypto traders trimmed exposure ahead of the Federal Reserve’s Oct. 27-28 policy meeting. Among other large tokens, ether changed hands near $2,331, XRP at $1.29 and solana near $101, per CoinGecko.
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Asian Markets and the Fed
South Korea’s Kospi, where chipmakers carry heavy weight, closed about 1.5% lower on Monday, while Japan’s Nikkei 225 ended down 0.8%, according to Yahoo Finance data.
The Fed will announce its decision on Wednesday. It lifted its target range to 3.75%-4% in September, the first increase since 2023. Rate futures priced a 90.6% chance that policymakers under Fed Chair Kevin Warsh hold that range this week and a 9.4% chance of a quarter-point hike, per the CME FedWatch tool as of 4:05 a.m. CT Monday.
Vikas Gupta, Bybit’s country manager for India, cited worries over AI company valuations and higher oil prices, and said forced liquidations of leveraged bets could sharpen short-term swings, according to CNBC-TV18.
Oil was already on Glassnode’s radar. In its Oct. 21 weekly report, the onchain analytics firm wrote that “should oil keep pushing inflation expectations higher, a second hike would be harder to rule out.”
Where $80,000 Sits
Bitcoin’s recent drop again brings it near the US spot ETFs’ cost basis. Glassnode’s Oct. 21 report placed the spot ETFs’ and corporate treasuries’ cost bases between $80,000 and $81,500. Glassnode said that the cost basis has provided support this month. Bitcoin had swept down to about $80,000 on Oct. 15 before buyers stepped back in. Glassnode’s liquidation map showed leveraged positions bunched above the market, near $85,000 and $87,000.
Beyond the Fed, US GDP and PCE inflation figures are due Thursday, Oct. 29, and roughly $11 billion in bitcoin options expire on Friday, CNBC-TV18 reported, drawing on updates from crypto platforms BitDelta India and Mudrex.
Related Listen: The Fed Is Turning Hawkish. What Does That Mean for Bitcoin and Strategy?
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