CoinDesk
Bitcoin fell 2% to just under $77,000 in Asian morning trading on Tuesday, erasing Monday’s rebound as most major cryptocurrencies declined. The move came as a sell-off in U.S. chipmakers deepened and investors awaited U.S. midterm election results, expected to begin arriving as Asian markets opened Wednesday.
Why it matters
The pullback came alongside broader pressure on risk assets. A gauge of U.S. chipmakers extended its three-day decline to 12%, while the Nasdaq 100 fell 10% from its peak, meeting the common threshold for a correction. South Korea’s tech-heavy Kospi dropped more than 3%, and the MSCI Asia Pacific Index fell almost 1%.
The cross-market slide puts Bitcoin’s decline in a wider risk-off setting rather than isolating it as a crypto-specific move. Investors were also tracking election results and developments in China’s markets and currency.
Market impact
ZEC tumbled nearly 10% to about $1,140, reversing its strong performance on Monday. HYPE fell 5% to about $84 and SOL dropped 3% to about $92. BNB slipped below $700, while Ether and DOGE each lost about 2%. XRP was little changed at $1.25, and TRX rose about 2%.
The S&P 500 slipped 0.5%. The yuan ended a 13-day winning streak after China’s central bank asked banks to hold more foreign currency in reserve. Oil fell on optimism that the war in Iran was closer to ending, but that did little to lift market sentiment. U.S. election results were due to start arriving as Asian markets opened Wednesday.
Frequently asked questions
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How far did Bitcoin fall in Asian trading?
Bitcoin fell 2% to just under $77,000, erasing Monday’s rebound.
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What market moves accompanied Bitcoin’s decline?
A gauge of U.S. chipmakers extended its three-day decline to 12%, the Nasdaq 100 fell 10% from its peak, and South Korea’s Kospi dropped more than 3%.
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Which cryptocurrencies recorded the steepest losses?
ZEC fell nearly 10%, while HYPE lost 5% and SOL dropped 3%. BNB slipped below $700.
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Which major cryptocurrencies resisted the downturn?
XRP was little changed at $1.25, while TRX gained about 2%. Ether and DOGE each fell about 2%.
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What event were investors watching next?
Investors awaited U.S. midterm election results, which were expected to begin arriving as Asian markets opened Wednesday.
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