Bitcoin slips to $80,100 as Samsung, Alphabet earnings sour tech
Bitcoin is down 1.4% since midnight UTC as weak earnings from Samsung and Alphabet drag on tech stocks, with a key inflation reading still to come.
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Key takeaways
- Bitcoin fell 1.4% since midnight UTC to around $80,100.
- Disappointing Samsung and Alphabet reports weighed on tech stocks.
- The Fed's preferred inflation gauge is due later today.
- The headline on the source report also flags a Fed dissent and a slump in AI tokens, but no further detail was available.
Bitcoin is down 1.4% since midnight UTC on Thursday, trading around $80,100. The culprit: lousy earnings from Samsung and Alphabet, which hit tech stocks hard.
What's moving the market
Look at traditional markets, not crypto. Samsung and Alphabet both reported, both disappointed, and tech shares paid for it. Bitcoin just tagged along, moving in step with the mood.
CoinDesk's headline also mentions a dissent at the Fed and a slump in AI-linked tokens. Details on either? We don't have them, so I'm not going to guess. You shouldn't trust anyone who does without a source.
The data still to come
Later today, the Fed's preferred inflation gauge lands. Traders go quiet or jumpy ahead of numbers like this, sometimes both. A hot reading could harden rate expectations. A soft one could ease them.
Why it matters
Here's the lesson, and it's an old one. Right now bitcoin trades like a tech-adjacent risk asset. Not a safe haven. Whatever you've heard otherwise, the price action says so. Earnings misses in Seoul and Mountain View shouldn't matter to a decentralized network, yet they move the price anyway. Funny, that.
Keep an eye on $80,000. It's a round number, and traders love round numbers. The inflation print could then set the tone for the rest of the week. Expect volatility, and don't size your positions as if today will be calm.
Source: CoinDesk
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