Bitcoin risks worst October in 12 years as tech sell-off spreads to gold — SkimNews
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- Bitcoin dropped to $77,000, down 7.7% for October — its worst monthly performance since 2014 — amid broad market risk-off sentiment.
- Nasdaq Composite Index fell 2.5% to around 25,500, its lowest level since August, as weak guidance from tech firms sparked sector-wide sell-offs.
- Intel saw its stock plunge nearly 30% at Friday’s open after warning of weaker-than-expected Q4 sales, shaking confidence in AI-driven chip demand.
- Gold declined to $3,891 per ounce, its weakest level in a year, as the tech-led sell-off spread beyond equities into traditional safe-haven assets.
- Binance confirmed a $6.3 billion hack, with a spokesperson stating the exchange would cover losses using $5 billion in matching tokens from its reserves.
- QCP Capital warned that macro pressures, tech-sector instability, and the Binance breach have triggered a period of 'heightened market repricing' across crypto.
Why it matters: Bitcoin’s 7.7% October drop reflects a rare convergence of crypto-native risk (Binance hack) and macro tech-sector stress, undermining the narrative of digital assets as decoupled from equities. With Nasdaq at August levels and gold weakening, traditional hedges are failing, amplifying downside risks for diversified portfolios.
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