Bitcoin plunged over 5%, while Ethereum tumbled as much as 8% during intraday trading, with Samsung Blockchain Technologies Etf (03171.HK) dropping over 4.5%.

NewTimeSpaceWire: On January 29, Bitcoin price broke below the $85,000 threshold, plunging as much as 6.8% during intraday trading to briefly touch $83,383.33. Data from Coinglass showed that over 220,000 traders were liquidated across the cryptocurrency market within 24 hours. Samsung Blockchain Technologies Etf (03171.HK) dropped over 4.5% in early morning trading.

NewSpaceWire analysis found that Bitcoin has retraced over 30% since hitting record highs last October. This breach of the critical $85,000 support level indicates significant near-term pressure on the market. The $80,000 level will become a crucial defensive line going forward, with price action continuing to be influenced by gold performance, geopolitical developments, and global liquidity conditions.

Samsung Blockchain Technologies Etf (03171.HK) provides exposure to global blockchain-related enterprises. As Asia's first blockchain-themed ETF, it offers investors a specialized vehicle to participate in the development of global blockchain technology. Through an active management strategy, the fund selectively invests in quality blockchain-related companies to capture industry growth opportunities.

J.P. Morgan analysis noted that despite the U.S. Dollar Index falling 10% over the past year, Bitcoin has declined 13% during the same period, failing to rally during dollar weakness as it has historically. Analysts explained that the current dollar decline has been driven primarily by short-term capital flows and sentiment rather than fundamental shifts in economic growth or monetary policy expectations; in fact, U.S. interest rate differentials have moved in favor of the dollar since the beginning of the year.

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