Bitcoin remained under pressure near $77,000 on Friday as a sell-off in technology stocks spread across global risk assets. The cryptocurrency fell 1.1% during the day, while the Nasdaq Composite dropped 2.5% to around 25,500, its lowest level since early August. Gold also weakened, falling to $3,891 per ounce, its lowest price in a year.
The broader market downturn followed renewed concerns about AI-sector profitability and weaker-than-expected sales guidance from major technology companies. Intel shares dropped nearly 30% after the company warned of weaker fourth-quarter sales, adding to pressure on technology stocks and chipmakers.
Bitcoin also faced uncertainty following the reported $6.3 billion Binance hack, which added to concerns across the cryptocurrency market. Binance said it would cover the losses using its own funds, while QCP Capital warned that macroeconomic pressures, technology-sector concerns and the exchange incident had created a period of heightened market repricing.
At around $77,000, Bitcoin was on track to finish October down 7.7%, marking its weakest October performance since 2014, according to CoinGlass data. Gold’s decline and weakness in technology stocks further highlighted the broader pressure on risk-sensitive assets.
