Bitcoin Slips Under $77,000 as a 12% Three-Day Slide in Chipmakers Pushes the Nasdaq 100 Into Correction

Bitcoin fell about 2% to just under $77,000 early on Nov. 3, erasing Monday’s rebound as a sell-off in semiconductor stocks deepened on the eve of the US midterm vote, CoinDesk reported. The price sits below the roughly $77,600 low reached late Sunday, which buyers had briefly defended.

A gauge of US chipmakers extended its three-day slide to 12%, and the Nasdaq 100 is now down 10% from its peak, the usual definition of a correction. Coin Insider cited the PHLX Semiconductor Index at 10,328.33 after a 3.37% drop on Monday, while the Nasdaq 100 closed at 27,989.82. In Asia, South Korea’s Kospi fell more than 3%, and Samsung Electronics and SK hynix declined 4.15% and 5.03% respectively, with an analyst pointing to lingering doubts over AI investment profitability.

Among other majors, ether slipped about 2% to just above $2,250, solana lost 3% to about $92, and Zcash dropped nearly 10% to roughly $1,140 after leading on Monday. XRP held near $1.25, and TRON was the only major in the green, up about 2%.

Pressure is also visible in funds: Coin Insider, citing Farside Investors data, reported $398.6 million of net outflows from US spot bitcoin ETFs on Monday, following $643.2 million on Friday. Americans vote on Tuesday, and first results are expected as Asian markets open on Wednesday.

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Sources:

• CoinDesk: Bitcoin drops below $77,000 as chip rout deepens ahead of U.S. midterm vote
• Coin Insider: Bitcoin Falls Below $77,000 as Chip Sell-Off Spreads Ahead of Midterms