Bitcoin steadies near $81,700 as altcoins rebound, pepe climbs 13%
Bitcoin prices have stabilized near $81,700 following a broader market selloff, while altcoins like Pepe and various Layer-1 tokens show signs of a rebound. Investors are currently monitoring Federal Reserve meeting expectations and fluctuating ETF inflows to gauge future market direction.
Why it matters
The performance of Bitcoin and altcoins serves as a key indicator for broader investor sentiment regarding inflation and macroeconomic policy in the digital asset sector.
The rebound follows Thursday’s tech-led selloff, during which the Nasdaq Composite index fell 2.6% in its steepest decline since June. Asian markets steadied as South Korea’s Kospi added 0.3% and China’s CSI 300 rose 1.7% while Japan’s Nikkei 225 slipped 0.25%.
Traders now look to the Fed’s Oct. 27-28 meeting, with Brent crude near $113 keeping inflation worries alive, and to exchange-traded fund flows, after U.S. spot bitcoin ETFs lost $635 million on Thursday, according to SoSoValue data, following more than $1 billion of inflows over the first three days of the week.
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