Taiwan · Donald Trump · China · Xi Jinping · Bitcoin · CoinDesk
Solana drops 5%, bitcoin below $80,000 as Xi signals Trump on Taiwan conflict
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Bitcoin's $80,000 floor cracked under back-to-back inflation shocks, and Xi Jinping's Taiwan warning further dampened expectations of a recovery.
Key facts
- BNB shed 1.6% to $660 but held a 3.9% weekly gain, while XRP slipped 1.7% to $1.43
- 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
- The next test for bitcoin sits at the $78,000 level, which marked the early-May low before the rally to $82,000
- 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
Summary
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. 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.