Bitcoin risks worst October in 12 years as tech sell-off spreads to gold

On Friday, October 30, 2026, Bitcoin hovered around $77,000 as a broad risk‑asset sell‑off spread from U.S. tech stocks to gold. The Nasdaq Composite slipped to roughly 25,500, its lowest level since early August, while gold fell to $3,891 per ounce, the weakest price in a year. The cryptocurrency’s monthly decline of about 7.7% would mark its worst October performance since 2014, according to CoinGlass data. The downturn unfolded amid renewed concerns over AI monetisation, weak forward guidance from major chipmakers, and the lingering market fallout from a multi‑billion‑dollar hack of Binance.

Background

The market turbulence of late October 2026 can be traced to a confluence of macro‑economic and sector‑specific pressures. Technology firms, especially those tied to artificial intelligence infrastructure, issued weaker-than‑expected guidance for fourth‑quarter sales, prompting a sharp sell‑off in the Nasdaq. Intel’s stock plunged nearly 30% after warning of reduced Q4 revenue, and the broader semiconductor sector saw an 8.24% drop in the iShares Semiconductor ETF. These developments reignited fears about the profitability of massive AI‑related capital expenditures, a theme echoed by JPMorgan’s note on AI monetisation risks. At the same time, the crypto sector was still grappling with the aftermath of a $6.3 billion hack of Binance, the world’s largest exchange, which pledged to cover losses with its own capital and maintain a $5 billion token reserve. Trading firm QCP Capital warned that the combination of macro conditions, tech‑sector anxieties, and the Binance breach had created a period of heightened market repricing. Meanwhile, traditional safe‑haven assets such as gold and silver were not immune, with gold slipping to its lowest level since October 2025, reflecting a broader risk‑off sentiment across asset classes.

What happened

At the opening of Wall Street on Friday, Bitcoin struggled to stay above $77,000, trading below the $80,000 threshold, as reported by Cointelegraph and TradingView. The cryptocurrency’s price fell 1.1% on the day, reaching its lowest level since September 18, according to TradingView data. Simultaneously, the Nasdaq Composite Index dropped 2.5% to around 25,500, a level not seen since early August, as detailed by both Cointelegraph and TradingView. Intel’s earnings warning contributed to the tech sell‑off, with the chipmaker’s shares falling nearly 30% on the open, a decline noted in the Cointelegraph report. Gold prices also slipped, touching $3,891 per ounce, the weakest price in a year, as shown in the Cointelegraph charts. The combined effect of these moves placed Bitcoin on track for its weakest October since 2014, with a projected monthly loss of 7.7% according to CoinGlass. The broader market context included a 2.86% plunge in the Nasdaq, an 8.24% drop in the semiconductor ETF, and a downgrade of Meta’s credit outlook by S&P Global, as described by ActionForex. Treasury yields fell, and the U.S. dollar remained in a bullish consolidation, while the S&P 500 avoided a similar technical breakdown, according to the same source.

Market impact

Bitcoin’s price hovered near $77,000, representing a 1.1% daily decline and a projected 7.7% monthly loss, the steepest October slide since 2014. The Nasdaq Composite fell to roughly 25,500, down 2.5% on the day and marking its lowest point since early August. Gold slipped to $3,891 per ounce, its lowest level in a year. Intel’s stock dropped nearly 30% after issuing weaker Q4 guidance. The iShares Semiconductor ETF lost 8.24%, and the broader Nasdaq index experienced a 2.86% plunge to about 25,437. Treasury yields retreated, with the 10‑year yield at 4.815%, while the U.S. dollar stayed in a bullish range. These movements reflected a synchronized sell‑off across risk assets, with crypto, equities, and precious metals all under pressure.

Why it matters

The simultaneous decline in Bitcoin, tech equities, and gold signals a widening risk‑off environment that could reshape investor allocation across multiple asset classes. The tech sector’s weakened earnings outlook raises doubts about the sustainability of AI‑driven capital spending, a concern that has already begun to affect corporate credit assessments, as seen in S&P Global’s negative outlook revision for Meta. The Binance hack continues to cast a shadow over crypto confidence, prompting firms like QCP Capital to warn of heightened market repricing. As Treasury yields fall, expectations for further Federal Reserve tightening diminish, potentially altering the monetary backdrop for risk assets. If the sell‑off persists, it may deepen into a broader correction, affecting not only speculative assets but also the financing conditions for large‑scale AI projects and the stability of crypto exchanges that have suffered recent security breaches.