Bitcoin drops below $80,000 as crypto ignores Asian tech rally, Fed meeting begins
Bitcoin fell 0.4% to around $79,700 since midnight UTC while Asian tech stocks rallied. The DeFi index dropped 1.8%, and the Fed is set to begin a two-day meeting.
Bitcoin BTC $84,459.46 slipped below $80,000 on Tuesday, dropping 0.4% since midnight UTC to near $79,700. Altcoins fell further, with ether ETH $2,490.55 , the largest, losing 0.5%. The DeFi index (DFX) dropped 1.8%, the most of any CoinDesk index, a reversal from Monday, when it was the only index to gain.
U.S. stock index futures edged lower ahead of big-tech earnings later this week. Asian tech shares rallied, with South Korea’s Kospi rising 3.1%, though the advance didn’t pull crypto along with it. Oil rose, with U.S. crude approaching $102 a barrel.
The Federal Reserve begins a two-day meeting today, with an interest-rate decision on Wednesday and CME’s FedWatch tool showing around a 90% chance of no change. Traders will be looking for clues on whether another rate increase is likely before year-end. U.S. spot bitcoin ETFs took in $110 million on Monday, according to Farside Investors, ending two days of outflows.
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
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- CoinDesk27 Oct, 12:32
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