Bitcoin Closes at $76,950.71 as Asian Stocks Diverge and Nasdaq Weakens
Key Facts
Bitcoin closed at $76,950.71 on November 3, according to EL7 data, after ending the November 2 session at $76,816. The two closes leave the cryptocurrency below $77,000, but do not establish when any break of that level occurred during trading. The moves came as markets showed divergence across assets and regions, with the Nasdaq Composite falling in the United States and Korean chip stocks declining. Investors in the United States were awaiting September job openings data due the same day, coinciding with the U.S. midterm elections scheduled for November 3.
In Monday’s November 2 session, the S&P 500 erased an early gain of 1.1% to end the day down 0.5%, while the Nasdaq Composite fell 1.1%, according to the Associated Press. In the same session, the Dow Jones Industrial Average rose 0.4%, reflecting different performances among U.S. stock indexes. The Nasdaq Composite had also fallen 2.9% on October 30, while the S&P 500 dropped 1.8% in its worst day since June. The Dow closed up 0.4% on November 2, leaving U.S. stocks mixed ahead of the next economic milestone.
Technology stock weakness extended to Asia, but regional markets did not move uniformly. South Korea’s Kospi fell 2.5% to 5,712.57 points on November 3, while SK Hynix shares declined 3.6% and Samsung Electronics shares fell 2.9%, according to the Associated Press. In Taiwan, the Taiex dropped 0.9%, while Hong Kong’s Hang Seng rose 0.3%. The moves show that declines in semiconductor-related stocks were concentrated in some markets, while other Asian markets posted gains. This divergence does not establish that stock moves caused a change in Bitcoin’s price.
The Nasdaq 100 posted a monthly decline of 6.7% in October, according to an analysis published by Investing.com, after the index had reached a record on October 6. The analysis said participation in that rally was limited: fewer than half of the index’s components were trading above their 50-day moving average when the record was set. Looking back at data available since late 2006, the analysis counted just 12 cases out of 375 record highs in which fewer than half of the components were above their 50-day average. It also linked the pressure to concerns about the pace and cost of AI spending, growing reliance on debt and equity financing, and whether returns would justify the scale of investment. Portfolio manager Joe Teague told the Associated Press: "We’re moving from the hopes and dreams phase of AI trading to the show-us-the-results phase."
Bitcoin had fallen below $77,000 after trading above $86,000 earlier in October, according to a previous Associated Press report. That report linked pressure on cryptocurrencies to news of a hack at Binance that affected crypto assets worth more than $6 billion. During a crypto selloff on October 30, Coinbase shares fell 10.6% despite the company reporting quarterly results that exceeded analysts’ expectations. These events provide background on the pressure facing the sector during October, without by themselves establishing the reason Bitcoin closed at its latest level.
The specific economic milestone is on the U.S. Bureau of Labor Statistics calendar, which listed the release of the September Job Openings and Labor Turnover report for November 3 at 10:00 a.m. Eastern time. The date coincides with the U.S. midterm elections, which the U.S. Election Assistance Commission scheduled for November 3, 2026. Attention is therefore turning to the labor market reading and election results on the same day, while Bitcoin and stock market closes reflected moves in previous sessions.