Bitcoin stayed below $80,000 at the Friday open on Wall Street, as fears over artificial intelligence deepened a broader sell-off in risk assets. The Nasdaq Composite fell about 2.5% to around 25,500, and gold dropped to $3,891 an ounce, its lowest level in a year. By our market data, as of 02:39 GMT on 1 November, the Nasdaq Composite stood at 25,437.00 points, after a 2.86% fall in the 30 October close.
Tech shares drag the market lower
Intel’s stock fell about 30% at the open, after the company warned on Thursday that fourth-quarter sales would be weaker than markets had expected. JPMorgan analysts said renewed doubts over how AI can be monetised would likely keep pushing money out of tech stocks. They said the broader indices would reflect the downturn in the sector.
The Nasdaq has now fallen to a level last seen on 3 August. Bitcoin dropped to its lowest since 18 September.
Binance hack adds pressure on crypto
Crypto markets also faced a separate shock. Binance suffered a theft of $6.3 billion in coins and tokens. The exchange said it would cover the losses from its own capital, and that $5 billion in matching tokens was available for that purpose. QCP Capital, a trading firm, said the combination of macro pressure, tech-sector fears and the hack had produced a period of heightened repricing.
Bitcoin was on course for its worst October since 2014, according to CoinGlass, with a monthly loss of 7.7%. By our market data, bitcoin traded at $77,674 as of 02:39 GMT on 1 November, up 0.42% from the previous close.
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