Bitcoin Slips Below $77,000 as Global Tech Sell-Off Hits Crypto Markets

Bitcoin dropped approximately 2% to just below $77,000 during Asian trading on Tuesday, reversing the recovery recorded a day earlier. The decline came as a worsening sell-off in US semiconductor stocks weighed on Asian equity markets ahead of the US midterm elections.

The latest move pushed Bitcoin below its late-Sunday low of roughly $77,600, a level that had briefly attracted buyers and triggered a short-lived rebound.

Zcash (ZEC) suffered the steepest losses among major cryptocurrencies, falling nearly 10% to around $1,140. The decline marked a sharp reversal after the token outperformed other large-cap assets on Monday.

Hyperliquid’s HYPE dropped 5% to approximately $84, while Solana (SOL) lost 3% to trade near $92. BNB declined 2%, moving below the $700 mark. Ether and Dogecoin also slipped around 2%, with ETH holding just above $2,250.

XRP remained relatively stable near $1.25, while Tron (TRX) was the only major cryptocurrency to post a gain, rising approximately 2%, according to CoinDesk data.

Semiconductor Sell-Off Pushes Nasdaq 100 Into Correction

The pressure on cryptocurrencies followed another difficult session for US technology stocks.

An index tracking American chipmakers extended its losing streak to three consecutive sessions, bringing its cumulative decline to approximately 12%. The Nasdaq 100 has also fallen 10% from its recent peak, entering what market participants generally classify as a correction.

The S&P 500 also weakened, slipping 0.5% as investors continued reducing exposure to technology-related assets.

The downturn spread across Asian markets. South Korea’s technology-heavy Kospi fell more than 3%, while the MSCI Asia Pacific Index declined nearly 1%. Japanese markets remained closed for a public holiday.

Chinese equities also moved lower despite the country’s central bank announcing measures encouraging financial institutions to make greater use of tools designed to support the stock market.

Meanwhile, the Chinese yuan ended a 13-session winning streak, its longest since 1996. The reversal followed a move by the People’s Bank of China requiring banks to maintain higher foreign-currency reserves.

Oil Prices Fall as Iran Conflict Optimism Offers Limited Relief

Oil prices dropped sharply as growing optimism that the conflict involving Iran could be approaching an end eased concerns about potential supply disruptions.

However, the decline in crude prices did little to improve overall investor sentiment, as technology stocks and cryptocurrencies remained under pressure.

The market is also preparing for the outcome of the US midterm elections. Americans are voting on Tuesday, with the first results expected to emerge as Asian markets begin trading on Wednesday.

Investors are watching the election closely for potential implications for economic policy, financial markets, and risk-sensitive assets such as Bitcoin and other cryptocurrencies.