Bitcoin Heads for Worst October Since 2014 as Tech Crash Hits Gold

Bitcoin is having a rough month. The world's biggest cryptocurrency is on track for its worst October in 12 years, as fear spreads across stock, crypto, and even gold markets.

Bitcoin (BTC) — a digital currency not controlled by any government or bank — fell to around $77,000, its lowest level since mid-September. If prices stay there, Bitcoin will finish October down 7.7%, the worst October result since 2014 (according to data site CoinGlass).

So what's dragging everything down? It started with technology companies. Intel, a major computer chip maker, warned that its sales for the final quarter of the year would be weaker than expected. On Friday, its stock price dropped by nearly 30% right at the market open.

That worry quickly spread. Investors began doubting whether companies pouring money into artificial intelligence (AI) will actually make profits from it. The result:

• The Nasdaq (a US stock index heavy on tech companies) fell 2.5% to around 25,500 — its lowest since early August.
• Gold, usually seen as a 'safe' investment during turmoil, dropped to $3,891 per ounce, its weakest in a year.

Crypto also had its own crisis. Binance, the largest crypto exchange (a platform where people buy and sell cryptocurrencies), was hit by a massive hack. Thieves stole $6.3 billion in coins and tokens. Binance said it would cover the losses using its own money, confirming it had $5 billion in matching tokens ready.

Experts say several problems are piling up at once. Trading firm QCP Capital warned that weak economic conditions, AI-sector fears, and the Binance hack together "created a period of heightened market repricing" — meaning investors are rapidly rethinking how much things are really worth.

The bottom line: Bitcoin isn't falling on its own. It's caught in a wider wave of nervousness hitting tech stocks and gold too. Investors will be watching how much big tech companies plan to spend on AI, as that could decide which way markets move next.

This is an AI-generated summary. Read the original article at: https://cointelegraph.com/markets/bitcoin-risks-worst-october-in-12-years-as-tech-sell-off-spreads-to-gold?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound