Bitcoin gives back run at $85,000 as Tesla and Meta fail to calm AI nerves
Bitcoin traded just under $82,800 on Thursday morning in Asia, having surrendered a late-Wednesday rally that briefly took it to nearly $85,000, according to CoinDesk data. The token cleared the $84,000 level that had capped it on 13 and 14 October and peaked near $84,800 before falling more than $2,000 within about six hours to around $82,600.
Market watchers warn that a sustained break of $82,500 could open the way to $70,000. Among major tokens, ZEC was the only notable gainer, up nearly 3% at about $1,290, while XRP added less than 1%. HYPE was the weakest, down 3% at about $79, with DOGE off 2% and SOL down about 1%. Ether, BNB and TRX each slipped less than 1%.
The wider mood was set by US technology earnings. Tesla fell 3% after hours after cutting its capital-spending forecast, and chip-equipment maker Lam Research dropped 7% on a weak outlook. Meta rose 2% after raising its AI spending plans, but that was not enough to steady sentiment: Nasdaq 100 futures fell 1.1% and S&P 500 futures lost 0.5%.
Asian equities followed. South Korea's Kospi dropped 2.2% as Samsung Electronics and SK Hynix retreated, and China's CSI 300 fell 1.7%, on course for a bear market, with Alibaba leading Chinese e-commerce stocks lower after the government called for tighter quality control. Crude oil climbed after tensions flared again in the Middle East.
The source material also noted a claim that diversified real-world-asset stablecoins are sustaining 5-7% yields from real credit as crypto funding compresses to about 4%, with the GENIUS framework pushing yield off-chain and the addressable market growing to $4 billion over three years. Those figures were reported as claims and could not be independently verified.
