Bitcoin Loses $77,000 as Global Tech Sell-Off Pressures Crypto Markets

Bitcoin dropped below $77,000 on Tuesday as selling across technology stocks spilled into digital assets, erasing the gains recorded during the previous session. The cryptocurrency declined nearly 2% during Asian trading, falling beneath its late-Sunday low of around $77,600.

The weakness extended across much of the altcoin market, although losses varied among major tokens. Zcash (ZEC) suffered the sharpest decline among the leading cryptocurrencies, falling almost 10% to roughly $1,140 after posting strong gains on Monday.

Hyperliquid’s HYPE slid 5% to approximately $84, while Solana (SOL) declined 3% to around $92. BNB dropped 2% and moved below $700. Ether and Dogecoin also lost about 2%, with ETH trading slightly above $2,250.

XRP held steady near $1.25, while TRX advanced 2%, making it the only major cryptocurrency in the group to record a gain, based on CoinDesk data.

Semiconductor Sell-Off Spreads Across Asian Markets

Bitcoin’s decline coincided with mounting losses in the technology sector. A US semiconductor stock gauge extended its losing streak to three sessions, bringing its cumulative decline to 12%.

The Nasdaq 100 has also fallen 10% from its peak, entering correction territory. Meanwhile, the S&P 500 slipped 0.5% as investors continued reducing exposure to equities.

Asian markets followed Wall Street lower. South Korea’s Kospi dropped 3%, and the MSCI Asia Pacific Index declined 1%. Japan’s stock market was closed for a holiday.

Chinese shares also struggled despite the People’s Bank of China urging financial institutions to make greater use of stock-market support measures.

The yuan weakened after ending a 13-day advance, its longest winning streak since 1996. The reversal followed a central bank request for banks to increase their foreign-currency reserve holdings.

Iran Optimism Fails to Lift Broader Market Sentiment

Oil prices dropped sharply as investors became more optimistic that the conflict involving Iran could be approaching a resolution. Despite the decline in energy prices, broader financial markets remained under pressure.

Political uncertainty added another factor for traders to consider as Americans headed to the polls for Tuesday’s midterm elections. The first results are expected to emerge as Asian markets open on Wednesday.

With semiconductor shares extending their losses and investors awaiting the election outcome, risk appetite remained subdued. Bitcoin’s move below $77,000 highlighted the continuing pressure on cryptocurrencies as global markets navigated economic, political and geopolitical uncertainty.

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