Bitcoin risks worst October in 12 years as tech sell-off spreads to gold — SkimNews
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Bitcoin was down 1.1% on the day after reaching its lowest level since Sept. 18; at $77,000, it was on course to close October 7.7% lower, its worst monthly performance since 2014.
- Nasdaq Composite traded 2.5% lower at around 25,500, a level last seen on Aug. 3, as traders reacted to weak forward guidance from tech giants.
- Intel fell nearly 30% at Friday’s open after warning Thursday of weaker-than-expected fourth-quarter sales.
- JPMorgan wrote that renewed fears over AI monetization made continued equity rotation likely on Friday and said broader indices would reflect tech’s downside.
- Gold traded as low as $3,891 per ounce, its weakest in a year, as the tech sell-off spread beyond stocks into precious metals.
- Binance said it would cover $6.3 billion in coins and tokens lost to a hack with its own capital; a spokesperson said $5 billion in matching tokens were currently available.
- QCP Capital said macro conditions, tech-sector fears and the Binance hack created heightened market repricing, while tech capex guidance remained critical to AI infrastructure investment and expected profitability.
Why it matters: Bitcoin holders were heading into month-end with a 7.7% loss as the Nasdaq fell 2.5% and Intel dropped nearly 30%. Binance’s decision to cover $6.3 billion in stolen coins and tokens, with $5 billion in matching tokens available, places the direct theft burden on the exchange as the wider repricing reaches crypto, equities and gold.
Ask SkimNews
