Bitcoin circled $77,000 on Friday and stayed below $80,000 at the Wall Street open. It was down 1.1% on the day and trading at its lowest since September 18. According to CoinGlass data cited by Cointelegraph, BTC is set to close October 7.7% lower, which would be its worst October since 2014.
The pressure came from equities. The Nasdaq Composite fell about 2.5% to roughly 25,500, its lowest since August 3. Intel warned on Thursday that fourth-quarter sales would come in below expectations, and its stock dropped almost 30% at the open. JPMorgan, quoted by CNBC, pointed to renewed fears over AI monetization and said the equity rotation was likely to continue.
The sell-off also reached gold, which fell as low as $3,891 per ounce, its weakest level in a year. That undercuts the idea that safe havens automatically absorb the pain when risk assets drop.
QCP Capital said the macro backdrop, tech-sector fears and the $6.3 billion Binance hack created a period of heightened market repricing. It added that technology capex guidance will remain a critical variable for AI infrastructure investment and profitability.
For traders, bitcoin is again trading in step with tech sentiment rather than as an independent hedge. October is traditionally a strong month, which makes this loss stand out.
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Sources:
- Cointelegraph: Bitcoin risks worst October in 12 years as tech sell-off spreads to gold
- Newsbit: Goud en zilver crashen naar laagste koersen in een jaar tijd
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