Bitcoin circled $77,000 as US stocks and gold fell. It was set to close October 7.7% lower, its worst October since 2014, while the Binance hack still weighed on crypto markets.
Bitcoin (BTC) stayed under pressure below $80,000 at Friday's Wall Street open as AI fears returned to intensify a broader rout in risk assets. BTC/USD was down 1.1% on the day after dropping to its lowest levels since Sept. 18.
Nasdaq drops 2.5% as tech sell-off spreads to gold
US stock markets opened sharply lower after weak forward guidance from tech giants. Intel, which on Thursday warned of weaker Q4 sales than markets had anticipated, saw its stock drop by nearly 30% at Friday's open.
The Nasdaq Composite Index was 2.5% lower, at around 25,500, a level last seen on Aug. 3. The sell-off weighed on both tech giants and chipmakers, with analysis warning of fresh challenges to AI-sector confidence.
The pressure spread beyond stocks. Gold traded as low as $3,891 per ounce, its weakest in a year.
Bitcoin heads for its weakest October since 2014
At $77,000, BTC/USD was set to close the month 7.7% lower, its worst October performance since 2014, per CoinGlass data.
Crypto markets also continued to deal with the aftermath of a multi-billion dollar hack of Binance. The platform said it would cover the losses with its own capital after the theft of $6.3 billion in coins and tokens.
Trading company QCP Capital warned that macro conditions, tech-sector fears and the Binance hack had, according to QCP Capital: "created a period of heightened market repricing."
Source: Cointelegraph
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