Bitcoin falls to $80,154 as South Korean tech rout deepens
Bitcoin drops to three-week low amid Korean market selloff
Bitcoin fell to $80,154 on Thursday, its lowest level since September 20, as selling pressure spread from South Korea's stock market. The country's main benchmark index, the KOSPI, dropped 7.5% and closed at 5,554 points, marking its weakest daily close since April 8.
The crypto price drop follows a week of steep losses on Korean exchanges, where week-to-date declines have reached 15.5%. The sell-off was led by major technology companies, with SK Hynix falling 11% and Samsung Electronics down 9.5% on the day.
What drove the Korean market selloff
According to Cointelegraph, concerns about AI-related debt, foreign investors pulling money out of South Korea, and growing competition from Chinese companies have weighed on the market. The KOSPI's 200-day moving average touched 5,450 points, a level not seen since late July.
Mirae Asset Securities analyst Kim Seok-hwan told The Korea Herald that global economic headwinds would add more pressure in the coming weeks.
"Volatility is expected to persist in the near term," Kim said. "As domestic supply-demand conditions deteriorate, the market has become more sensitive to external risks, while a near-term improvement in the global environment appears unlikely."
SK Hynix and Samsung are set to report third-quarter earnings on October 28 and 29, respectively. Samsung is expected to report Q3 sales of 195 trillion won ($145 billion) and an operating profit of around 107 trillion won ($80 billion). Shortfalls could add more downside pressure to investor sentiment.
Oil prices fall despite Middle East tensions
Bitcoin's downward move was also influenced by higher-than-expected US inflation data from the previous week. The September Consumer Price Index (CPI) came in at 3.7% year-on-year, raising questions about whether the Federal Reserve will continue raising interest rates.
Trading firm QCP Capital asked in a macro analysis, "Does the beat force further hiking — or does credit stress prompt policy recalibration?"
Despite a Singapore-registered oil tanker being sunk in the Strait of Hormuz on Wednesday, both WTI and Brent crude prices fell. The Maritime and Port Authority of Singapore called the strike "unjustifiable." WTI traded below $95 per barrel, down 0.5%, while Brent crude dropped 2.2% to $103.7 per barrel.
Firas Bechwaty, head of business development at ICM, told CNBC that Saudi crude continues reaching buyers through alternative routes and emergency fuel releases by IEA member countries are helping to prevent sharp price spikes.
Key numbers
- Bitcoin (BTC): $80,154 on Bitstamp, lowest since September 20
- KOSPI: 5,554 points, lowest close since April 8
- KOSPI weekly decline: 15.5%
- SK Hynix: down 11%
- Samsung Electronics: down 9.5%
- US September CPI: 3.7% year-on-year
- Brent crude: $103.7 per barrel, down 2.2%
Why this matters for crypto investors
The episode highlights how Bitcoin continues to correlate with traditional risk assets during periods of market stress. The Korean tech selloff, driven by macro concerns and earnings anxiety, spilled over into cryptocurrency markets, showing that broader economic uncertainty can affect digital asset prices alongside stocks.
What is still unclear
It remains uncertain whether the Korean market rout will ease before the upcoming earnings reports from Samsung and SK Hynix, or whether the selloff could deepen further.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.