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Bitcoin was holding near $77,000 at Friday’s Wall Street open, on course for a 7.7% monthly loss that would make October its weakest October since 2014, according to Cointelegraph. The firm’s report, published October 30, attributed the pressure to a renewed tech-sector sell-off that pulled the Nasdaq Composite to levels last seen in early August.
Cointelegraph reported that BTC/USD slipped as low as its weakest level since September 18 and was down 1.1% on the day. The coin stayed below $80,000 through the US open.
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Key facts
- Bitcoin was trading around $77,000 and was set for a monthly decline of 7.7%, its worst October since 2014 per CoinGlass data cited by Cointelegraph.
- The Nasdaq Composite fell 2.5% to about 25,500, a level last reached on August 3, after Intel warned of weaker fourth-quarter sales than expected.
- Intel shares fell nearly 30% at Friday’s open, Cointelegraph reported.
- Gold dropped to $3,891 an ounce, its lowest in a year, while Indian MCX December gold futures fell 0.99% to ₹1,41,181 per 10 grams, Mint reported.
- Crypto markets were still absorbing a Binance hack in which $6.3 billion in coins and tokens were stolen; Binance said it would cover the losses with its own capital.
Two forces hitting the same trade
Cointelegraph linked the moves to worried notes from trading desks. JPMorgan, quoted by CNBC, wrote of renewed fears over AI monetisation and said equity rotation was likely to continue as broader indices absorbed technology’s downside.
QCP Capital said macro conditions, tech-sector fears and the Binance hack together had created a period of “heightened market repricing,” and flagged that earnings guidance on future capital expenditure would stay a key input for judging AI infrastructure investment.
The gold numbers reported by the two outlets differ in scale. Cointelegraph put spot gold as low as $3,891 an ounce. Mint reported spot gold down 1% at $3,980.40 an ounce by 1107 GMT, after an earlier low not seen since July 17. Mint tied the drop to stronger-than-expected US inflation and GDP figures and rising expectations of a December Fed rate hike, which reduce demand for assets that pay no yield.
Gaurav Garg, head of research at Lemonn, told Mint that gold had slipped below the $4,000 mark for those reasons, adding that silver was seeing heavier selling. UBS analyst Giovanni Staunovo pointed Mint to stronger US GDP data and higher oil prices pressuring the Fed.
Binance said it had $5 billion in matching tokens currently available, a spokesperson told Cointelegraph, as the exchange worked through the aftermath of the theft.
Why it matters
October has been one of Bitcoin’s stronger months historically, so a negative close of this size breaks a pattern traders have leaned on. Gold and tech stocks falling on the same day narrows the set of places investors can hide, which matters for portfolios that hold both. For Indian buyers, the weaker rupee-priced gold rate arrives just before Diwali demand peaks next week.
UBS’s Staunovo told Reuters, and Mint reported, that he expects gold could climb to $5,000 or higher next year once the Fed resumes cutting rates. That is a forecast, not a settled outcome; this is not financial advice, and precious-metals and crypto markets are volatile and can move sharply against such expectations.
What to watch
The next test is the October monthly close in BTC/USD, which will confirm or overturn the 7.7% figure. Also in focus: December Federal Reserve rate expectations that Mint identified as driving gold, and further earnings guidance from tech firms on AI capital spending, which QCP Capital said would remain a critical variable.
Reported by Cointelegraph.
Sources: Cointelegraph, Mint