Bitcoin falls 2.49% to $76,877.30 amid tech sell-off and Binance hack concerns

Key Facts

Bitcoin closed lower by 2.49% on Friday, October 30, at $76,877.30, alongside a broad sell-off in US technology stocks, according to a Reuters report published by Investing.com. The cryptocurrency had fallen below $77,000 after trading above $86,000 earlier in October, according to the Associated Press. Digital assets came under pressure in a session when technology stocks declined, while crypto companies faced pressure following the Binance hack. The decline places bitcoin's move amid concurrent pressure in stock and cryptocurrency markets, without the source attributing the drop to a single factor.

In stock markets, the S&P 500 lost 1.8% in its worst session since June, the Nasdaq fell 2.9%, and the Dow Jones declined by about 572 points, or 1.1%, according to AP. The S&P 500 technology sector index fell 4.2%, while the Philadelphia Semiconductor Index ended the session down more than 7%, according to Reuters. AP attributed the worsening technology-stock sell-off to concerns that investor enthusiasm for artificial intelligence had pushed prices beyond what fundamentals justified. The agency added that investors questioned whether large investments in the technology would generate sufficient profits and productivity. Wedbush's Sukhak Manuelian said near-parabolic gains could lead to a "very sharp landing" as some investors moved into other assets.

Intel led the losses, falling 28.6% on October 30, its biggest one-day decline since 1974, after the company's fourth-quarter profit forecast came in below analysts' estimates, according to AP. The loss came as part of a broader decline in technology and semiconductor stocks in the same session. In the cryptocurrency market, an AP report said the Binance hack affected assets worth more than $6 billion. The report linked the decline in crypto-company shares to the hack, as bitcoin's drop coincided with the stock sell-off. These events show that pressure on digital assets was accompanied by crypto-sector-specific concerns as well as a broader market risk-off move.

In a later development, Binance said on November 1 that it had covered 95% of the stolen assets and that withdrawals had stabilized after an initial rise, adding that it had resumed withdrawals for some assets in stages, according to a Reuters report. But the platform recorded net outflows of more than $3.5 billion on the same day, according to the DefiLlama dashboard cited in the report. The report said the outflows came amid a test of customer confidence following the hack. These indicators place the announcement that most assets were covered alongside continued outflows from the platform. The report said withdrawals resumed for some assets in stages.

On the US economy, real gross domestic product grew at an annual rate of 3.4% in the third quarter of 2026, compared with 2.2% in the second quarter, according to the advance estimate released by the US Bureau of Economic Analysis. The bureau said third-quarter growth reflected increases in investment, consumer spending and government spending, partly offset by a decline in exports. Consumer spending on goods and services rose during the quarter, according to the statement. The core personal consumption expenditures price index, excluding food and energy, rose at an annual rate of 2.5% in the third quarter, compared with a 3.3% increase in the second quarter. These readings provide economic context for the session, but do not in themselves explain bitcoin's move or market movements that day.

Attention in the near term is turning to the ISM manufacturing purchasing managers' index report scheduled for November 2, followed by the US midterm elections on November 3, according to the dates cited in the story's context. The Bureau of Economic Analysis also set November 25 as the release date for its second estimate of third-quarter GDP and corporate profits. The personal income and outlays report for October will also be released that day, according to the bureau. The upcoming releases will therefore include an updated growth estimate and spending and price data. The election date provides a timeline for upcoming events, without any specific effect being attributed to it on digital-asset liquidity or volatility.