Bitcoin Circles $77,000 as US Stocks and Gold Slide Amid Resurgent AI Fears
Key Takeaways
- •Bitcoin fell to its lowest level since September 18, trading below $80,000 and struggling to hold $77,000 amid a broad risk-asset sell-off.
- •The Nasdaq Composite Index dropped 2.5% to around 25,500, its lowest level since August 3, as weak guidance from major technology firms weighed on markets.
- •Intel's share price fell nearly 30% at Friday's open after the chipmaker warned of weaker fourth-quarter sales than markets had anticipated.
- •Gold declined to $3,891 per ounce, its weakest level in a year, failing to provide shelter as the sell-off spread across asset classes.
- •Binance said it would cover the $6.3 billion stolen in a hack using its own capital, while Bitcoin was set to close October 7.7% lower, its worst October since 2014.
Bitcoin (BTC) remained under pressure below $80,000 at Friday's Wall Street open as resurgent fears over artificial intelligence intensified a broader rout across risk assets, dragging US equities and even gold lower in tandem.
Data from TradingView showed BTC/USD down 1.1% on the day after dropping to its lowest levels since Sept. 18. The cryptocurrency struggled to hold the $77,000 mark as risk assets fell across the board at the US open.
- The tech-heavy Nasdaq Composite Index slid to around 25,500, its lowest level since early August.
- Gold dropped to $3,891 per ounce, its weakest since October 2025.
- BTC/USD risked sealing an October loss of 7.7%, the largest for the month since 2014.
Gold, typically treated by investors as a haven during equity drawdowns, offered little shelter as the sell-off swept across asset classes — a sign of how broad Friday's retreat had become.
Tech contagion ramps up as Nasdaq drops 2.5%
US stock markets opened sharply lower as traders reacted to weak forward guidance from major technology firms. Intel, which warned on Thursday of weaker fourth-quarter sales than markets had anticipated, saw its share price fall by nearly 30% at Friday's open — a steep reaction to a guidance shortfall at one of the chip industry's best-known names.
The sell-off weighed on both tech giants and chipmakers, with analysis warning of fresh challenges to confidence in the AI 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 wrote in a note quoted by CNBC.
The tech-heavy Nasdaq Composite Index was 2.5% lower at the time of writing, trading around 25,500 — a level last seen on Aug. 3.
Beyond stocks, contagion spread to precious metals, with gold trading as low as $3,891 per ounce, its weakest in a year.
Bitcoin on track for weakest October since 2014
Crypto markets also continued to deal with the aftermath of a multi-billion-dollar hack of Binance, the largest cryptocurrency exchange. The platform said it would cover the losses with its own capital following the theft of $6.3 billion in coins and tokens — absorbing the hit on its balance sheet rather than passing it to affected users. A spokesperson told Cointelegraph that Binance had $5 billion in matching tokens currently available.
Commenting on the outlook for crypto, trading firm QCP Capital warned that macro conditions, tech-sector fears and the Binance hack 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," it summarized in analysis on Friday.
At $77,000, BTC/USD was set to close the month 7.7% lower — its worst October performance since 2014, according to data from CoinGlass. The decline stands out in a month traders colloquially call "Uptober" for its historically strong seasonal record, and the final figure will be locked in at October's monthly close.
This article is based on reporting originally published by Cointelegraph.
