Bitcoin risks worst October in 12 years as tech sell-off spreads to gold
As cryptocurrency markets grappled with declining US equities, Bitcoin hovered near $77,000 while precious metals saw gold plunge to 12-month lows.
The leading cryptocurrency Bitcoin (BTC) remained pressured beneath the $80,000 threshold as Friday's Wall Street trading session commenced, with renewed artificial intelligence sector concerns amplifying a widespread selloff in risk-sensitive assets.
Key points:
- The flagship cryptocurrency faced difficulty maintaining support near the $77,000 level as risk-oriented investments declined broadly at the commencement of US market hours.
- Technology-focused Nasdaq Composite Index descended to 25,500, representing its weakest position since the beginning of August, as gold prices tumbled to $3,891 per troy ounce, marking the first occurrence since October 2025.
- The BTC/USD trading pair faced the prospect of concluding October with losses totaling 7.7%, representing the most severe monthly decline since 2014.
Tech contagion ramps up as Nasdaq drops 2.5%
Trading data sourced from TradingView indicated that BTC/USD experienced a 1.1% decline throughout the trading day following its descent to price levels not witnessed since Sept. 18.
American equity markets commenced trading with substantial losses as market participants digested disappointing future outlook statements from major technology corporations. Semiconductor manufacturer Intel, having issued a Thursday warning regarding fourth-quarter sales projections falling short of market expectations, witnessed its shares plummet by approximately 30% as Friday's trading session opened.
The resulting market downturn exerted pressure across both large-cap technology companies and semiconductor manufacturers, with market analysts cautioning about emerging obstacles to investor confidence in the artificial intelligence sector.
With renewed fears over AI Monetization, the Equity rotation is likely to continue today but the broader indices will reflect Tech's downside
JPMorgan, quoted by CNBC
The technology-concentrated Nasdaq Composite Index recorded a 2.5% decrease at the moment of publication, trading around the 25,500 mark, a valuation last observed on Aug. 3.
The market turbulence extended beyond equities into precious metal markets, where gold experienced trading lows of $3,891 per troy ounce, representing its most vulnerable pricing in a year-long period.
Bitcoin on track for weakest October since 2014
Digital asset markets persisted in managing the repercussions stemming from a multi-billion dollar security breach targeting Binance, the world's largest cryptocurrency trading platform.
The exchange announced its commitment to absorb the financial losses utilizing its proprietary reserves following the unauthorized extraction of $6.3 billion worth of digital currencies and tokens. A company representative informed Cointelegraph that Binance maintained $5 billion in corresponding token holdings presently accessible.
Providing perspective on the cryptocurrency market outlook, institutional trading firm QCP Capital issued a warning that macroeconomic circumstances, technology sector anxieties and the Binance security incident had "created a period of heightened market repricing."
Technology sector earnings guidance regarding future capital expenditure will remain a critical variable for understanding the trajectory of artificial intelligence infrastructure investment and expected profitability
QCP Capital
Trading at $77,000, the BTC/USD pair positioned itself to conclude the month with a 7.7% depreciation — marking its most challenging October performance since 2014, according to statistical data provided by CoinGlass.
