Bitcoin circled $77,000 as crypto markets navigated US stock-market downside, while the gold price fell to its lowest in a year.
Bitcoin (BTC) stayed under pressure below $80,000 at Friday’s Wall Street open as AI fears returned to intensify a broader risk-asset rout.
Data from TradingView showed BTC/USD down 1.1% on the day after dropping to its lowest levels since Sept. 18.
US stock markets opened sharply lower as traders reacted to weak forward guidance from tech giants. Intel, which on Thursday warned of weaker Q4 sales than markets had anticipated, saw its stock price drop by nearly 30% on Friday’s open.
The sell-off weighed on both tech giants and chipmakers, with analysis warning of fresh challenges to AI-sector confidence.
“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 at 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.
Crypto markets continued to deal with the aftermath of a multi-billion dollar hack of Binance, the largest crypto exchange.
The platform said that it would cover the losses with its own capital after the theft of $6.3 billion in coins and tokens. A spokesperson told Cointelegraph that Binance had $5 billion in matching tokens currently available.
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