Live updates: Bitcoin falls below $80,000 for first time in a month

With U.S. stocks adding to early losses, bitcoin has lost the $80,000 level for the first time since mid-September.

Trading at $79,950, it’s now lower by 3.5% over the past 24 hours.

The Nasdaq is down 1.4% and S&P 500 0.6%.

Government bond yields, meanwhile, are at session lows, the U.S. 10-year now down 15 basis points to 5.04%, its softest level in about one month.

The shockingly fast PPI report didn’t dent the rally in fixed income.

The U.S. 10-year Treasury yield is at a session low, down 14.5 basis points to 5.044%. The iShares 20+ Year Treasury Bond ETF (TLT) is up 2% in pre-market trading, extending its rebound from recent lows to 5%.

The CME FedWatch tool now shows a 27% probability of a 25-basis-point rate hike at the Fed’s Oct. 28 meeting. At one point yesterday, the odds were nearly 45%.

The chip-heavy (Samsung, SK Hynix) Kospi plunged another 7.5% overnight, as the U.S. slump Wednesday made its way around the globe.

According to Bespoke, the Kospi is now down 20% over the past seven trading days — the worst seven-day stretch since the Covid panic of March 2020.

The Kospi remains higher by 29% year-to-date.

Nasdaq 100 futures are lower by 1%, but have bounced a bit from their worst levels. S&P 500 futures are just marginally lower and DJIA futures are up 0.3%.

A fixed income rally is providing support. The U.S. 10-year Treasury yield is down another 10 basis points to 5.088%. At one point on Wednesday, following the fast CPI report, the 10-year yield spiked to 5.36%.

The September PPI report is coming up shortly.

Bitcoin is at $81,000, up a bit from its worst levels, but down 2.75% over the past 24 hours. Ether, solana, and XRP are lower by 4%-5%.

The AI selloff continues led by CoreWeave (CRWV), which is down 4% in pre-market trading after tumbling more than 15% on Wednesday. Other AI infrastructure stocks are also under pressure, with Cipher Digital CIFR$8.8860 down 5%, TeraWulf WULF$10.54 falling 6% and IREN IREN$26.85 losing 4%.

Bitcoin has been dragged below $81,000, while gold appears to be the main beneficiary, rising more than 1% to reclaim $4,150 an ounce.

The U.S. Dollar Index (DXY) has surrendered some gains but remains above 102. Treasury yields continue to fall, with the U.S. 10-year yield now at 5.085%.

Attention now turns to producer price index (PPI) data, due within the next hour. Consensus forecasts point to a 0.5% monthly increase and a 5.3% annual rise. Following Wednesday’s hot consumer price inflation report, the release takes on added significance, with markets pricing in a 27% chance of a Federal Reserve rate hike at its October meeting.

A hotter-than-expected U.S. inflation report briefly lifted bitcoin to nearly $84,000 on Wednesday, then sent it sliding to about $80,400 early Thursday. That’s just above last Thursday’s low of about $80,430. Bitcoin traded under $81,000, down 2.6% over 24 hours.

Core inflation, which strips out food and energy, rose to 2.6% against a 2.5% forecast. A hot print makes another Federal Reserve rate hike more likely, and that tends to lift the dollar and weigh on assets like bitcoin. The Fed meets again on Oct. 27–28.

AI stocks added to the pressure. Nasdaq 100 futures fell 1.2% after Anthropic told prospective investors its revenue grew $16.8 billion in the third quarter, a figure that showed growth slowing.

ZEC led crypto losses, down 11% to about $1,100. Ether dropped 5% to about $2,370, and U.S. spot bitcoin ETFs lost about $261 million on Wednesday, according to SoSoValue data.

A daily close below $80,400 would break the floor buyers have defended twice since last Thursday.