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Bitcoin fell below $77,000 in Tuesday morning trading in Asia as a selloff in chip stocks spread across risk assets ahead of the U.S. midterm elections, CoinDesk reported late Monday in New York.
The cryptocurrency was down about 2% to just under $77,000 in the report’s snapshot, erasing Monday’s rebound. Those prices reflect CoinDesk’s report published at 11:48 p.m. EST on November 2, not a live quote at the time this article is read.
The decline put bitcoin below the roughly $77,600 level it had touched late Sunday before recovering, according to CoinDesk.
Other major tokens slide
ZEC fell nearly 10% to about $1,140, while BNB lost about 2% and slipped below $700. Ether was down about 2% to just above $2,250, and SOL fell about 3% to around $92, the outlet reported.
The losses came alongside renewed pressure on technology shares. CoinDesk reported that a gauge of U.S. chipmakers had lost 12% over a three-day selloff and that the Nasdaq 100 was down 10% from its peak, a decline commonly described as a correction.
South Korea’s Kospi fell more than 3% and the MSCI Asia Pacific Index lost almost 1% in the report’s market snapshot. Japanese markets were closed for a holiday.
Investors were also approaching Tuesday’s U.S. midterm vote. CoinDesk noted that initial election results were expected as Asian markets opened Wednesday. The simultaneous weakness in stocks and cryptocurrencies does not establish that a single factor caused every move.
JBizNews Desk | New York
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