Bitcoin risks worst October since 2014 as tech stocks tumble

Bitcoin remained under pressure below $80,000 at the Wall Street open on Friday, risking October losses of 7.7%. This potential decline would mark its worst performance since 2014. The asset traded in the aftermath of a multi-billion dollar hack of Binance, which planned to cover the theft of $6.3 billion in coins and tokens with its own capital. The exchange had $5 billion in matching tokens available to address the losses.

Tech stocks tumbled for the second consecutive day as concerns rose over hundreds of billions of dollars invested in AI. The Nasdaq Composite Index fell to 25,500, its lowest level since early August, and was 2.5% lower at the time of writing. Intel's stock price dropped by nearly 30% after its finance chief forecast lower-than-expected revenue for the fourth quarter.

Gold dropped to $3,891 per ounce, marking its weakest level in a year. QCP Capital warned that macro conditions, tech-sector fears, and the Binance hack created a period of heightened market repricing. Major tech companies committed to spending $800.6 billion on AI in 2026, with Alphabet expecting to spend up to $205 billion this year on related investments.