What to know : Bitcoin fell below its recent $80,000 floor to about $79,200 as back-to-back upside inflation surprises and renewed geopolitical tension over Taiwan hit risk sentiment. Major cryptocurrencies broadly declined, with Solana leading losses and only Dogecoin posting a modest gain, while traders watch $78,000 as the next key support level for Bitcoin. The crypto pullback came alongside choppy Asian equity markets around the Trump-Xi summit, even as AI-linked technology shares and names like Cisco continued to outperform.
Bitcoin's $80,000 floor cracked under back-to-back inflation shocks, and Xi Jinping's Taiwan warning further dampened expectations of a recovery.
BTC traded at $79,200 in Asian hours Thursday, down 2.3% over 24 hours and 2.2% on the seven-day, after slipping below the $80,000 level that had served as the floor for most of the past week, per CoinGecko data.
Solana (SOL) led the cohort lower with a 5.6% drop to $90, giving back most of the weekly gains that had made it the standout altcoin for the past two weeks. Ether dropped 2.1% to $2,250 and is now down 3% on the seven-day, the second-weakest performer among the majors after BTC.
BNB shed 1.6% to $660 but held a 3.9% weekly gain, while XRP slipped 1.7% to $1.43. Dogecoin held in green territory at $0.1126, up 0.9% on the day, the only major in the cohort to post a 24-hour gain.
The sell pressure built around the Trump-Xi summit in Beijing, the first visit to China by a sitting U.S. president in nearly a decade. Xi pressed Trump on Taiwan in their first meeting at the Great Hall of the People, warning of a potential "collision or even clashes" if the issue is mishandled.
China's readout of Xi's remarks appeared to be released before the meeting had concluded, thrusting the self-ruled island into the spotlight and rattling risk sentiment globally.
Asian equities swung between gains and losses on the back of the friction. MSCI's Asia Pacific index slipped 0.1% after rising as much as 0.8% in early trading.
Mainland Chinese shares fell 1.3%, having touched their highest level since 2021 ahead of the talks. The offshore yuan edged up for an 11th day, the longest winning streak since September 2017, suggesting capital is starting to position for whatever comes out of the summit.
The crypto sell-off compounded pressure from Wednesday's producer price index print, which came in at 1.4% month-over-month against a 0.5% forecast and 6% year-over-year.
That followed Tuesday's CPI reading of 3.8%, the hottest inflation print in almost three years. The back-to-back inflation surprises complicate the Federal Reserve's path to easing rates later this year, removing one of the structural tailwinds crypto has been pricing in.
Not everything broke down, however. Cisco shares jumped 20% in extended trading after a stronger-than-expected sales outlook, and a gauge of Asian technology shares climbed as much as 2.3% to a record high. Nasdaq 100 futures advanced 0.2%. The AI trade is still bid even as the broader risk tape turns choppy, which is the same divergence that has been running for the past three weeks.
The next test for bitcoin sits at the $78,000 level, which marked the early-May low before the rally to $82,000. A break below that would put the late-April capitulation zone in play. Holding above keeps the structural buyers' case intact heading into the next round of macro data and the back end of the Trump-Xi talks.
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