Bitcoin Edges Lower as Asia Follows Wall Street's Tech Rout Amid Risk-Off Sentiment
Bitcoin traded around $86,575 (approximately $86.6k), down 1.1% as Asian markets opened softer amid a broader risk-off mood.
Ether was down 4.2% at $2,832, and XRP declined 3.7% to $1.86. The total cryptocurrency market capitalization hovered near $3 trillion, down 1.5%.
US technology stocks experienced notable declines, with the Nasdaq 100 dropping 1.9% and Nvidia falling 3.8% to its lowest level since September. The S&P 500 decreased 1.2%, dipping to a three-week low below the 50-day moving average.
Market analysts indicated that the market structure remains weak, with relatively light ETF inflows limiting stability as momentum shifts. The first meaningful price floor for Bitcoin is seen near $80,000; however, sustained outflows or tighter financial conditions could push the next reference point down to $60,000.
In the broader financial context, Federal Reserve Governor Christopher Waller’s remarks supported demand for 2- and 5-year Treasury securities. The 10-year Treasury yield was around 4.15%.
Investors are looking ahead to Thursday's Consumer Price Index (CPI) data release, which is expected to reset rate expectations and help assess the stability of cryptocurrencies.
In the Asia-Pacific region, shares in Japan and Australia were lower, while Hong Kong shares pointed to a lower open.
