Bitcoin (BTC) fell below $77,000 as selling pressure on technology stocks deepened ahead of the US midterm elections and spread to the cryptocurrency market. Sharp losses in the semiconductor sector accelerated sell-offs in risky assets across global markets.
The stock index tracking semiconductor companies in the U.S. has lost 12 percent in the last three trading days.
With the decline in technology stocks widening, the Nasdaq 100 index also fell 10 percent from its peak, entering a technical correction zone.
The negative sentiment in US markets also spilled over into Asian stock markets. South Korea’s KOSPI index fell by more than 3%, reflecting the global sell-off.
In the cryptocurrency market, Bitcoin lost approximately 2% of its value, giving back all of the gains it had made the previous day.
The drop in BTC price below $77,000 indicates that selling pressure has intensified again after the recent attempt at a recovery.
Major altcoins also experienced sharp declines. Zcash (ZEC) lost 10% of its value, falling to $1,140.
Hyperliquid (HYPE) fell by approximately 5 percent, while Solana (SOL) lost 3 percent of its value.
Market volatility revealed that technology stocks and crypto assets faced selling pressure simultaneously during the same period.
The spread of losses, particularly in the semiconductor sector, to other markets has heightened concerns about investor risk appetite.
However, it cannot be said that the decline in Bitcoin and altcoins is solely due to the US midterm elections.
The correction in global equity markets and weakness in the technology sector are among the key developments that could impact cryptocurrency prices.
*This is not investment advice.
