Bitcoin Slips Below $77K as Nasdaq 100 Sheds $1.3T
The Nasdaq 100 fell 3.6%, wiping more than $1.3 trillion from its market value in its biggest daily decline since June 5. Disappointing earnings from Amazon and Intel fueled concerns about technology stocks and AI spending. Bitcoin also fell below $77,000 amid the broader market sell-off, while crypto markets showed widespread losses. Prediction-market pricing put the odds of Bitcoin trading above $82,000 by November 3 at 5%. Traders will be watching upcoming technology earnings and wider market signals for signs of whether risk-off pressure will persist.
Bearish
The news is bearish for crypto in the short term because Bitcoin fell alongside a sharp decline in the Nasdaq 100, suggesting that traders were reducing exposure to risk assets across markets. Disappointing results from Amazon and Intel and concerns about AI spending added pressure to technology shares, while the article reports broad crypto-market losses. The 5% prediction-market probability for Bitcoin to exceed $82,000 by November 3 also reflects weak near-term expectations, though it is a market indicator rather than a guarantee of future prices.
This pattern resembles previous risk-off episodes in which crypto and technology equities moved lower together as investors reassessed growth prospects and reduced risk. Such correlation can prompt leveraged traders to cut positions, potentially amplifying volatility and liquidations. In the near term, further weak tech earnings or negative macro signals could maintain pressure on Bitcoin; a recovery in equities or improved sentiment could ease it. Longer term, one day of selling does not establish a lasting trend. Traders may look for follow-through in Bitcoin’s price, trading volume, broader market breadth and upcoming earnings before concluding whether this is a temporary pullback or a deeper deterioration in risk appetite.