Bitcoin Slides Below $77,000 as Tech Stocks Extend Losses Ahead of US Midterm Elections

Bitcoin resumed its decline during Tuesday’s Asian trading session, falling nearly 2% to below $77,000 as weakness in global technology shares weighed on risk assets. The move erased Monday’s recovery and pushed the cryptocurrency below its late-Sunday low of roughly $77,600.

The broader crypto market also weakened, with several major altcoins recording steeper losses. Zcash (ZEC) dropped almost 10% to approximately $1,140, reversing its recent outperformance.

Hyperliquid’s HYPE declined 5% to around $84, while Solana (SOL) lost 3% to trade near $92. BNB slipped 2% below $700. Ether and Dogecoin each fell about 2%, with ETH hovering just above $2,250.

XRP remained relatively stable at approximately $1.25. Tron (TRX) was among the few major tokens to post a gain, rising around 2%, according to CoinDesk data.

Semiconductor Losses Weigh on Risk Appetite

Selling pressure in cryptocurrencies coincided with another difficult session for technology stocks. A US semiconductor industry gauge extended its losing streak to three days, bringing its cumulative decline to approximately 12%.

The Nasdaq 100 has now fallen 10% from its recent peak, placing the index in correction territory. The S&P 500 also declined 0.5%, reflecting continued weakness across the broader equity market.

Asian shares mirrored the downturn. South Korea’s Kospi dropped more than 3%, while the MSCI Asia Pacific Index lost nearly 1%. Japanese markets were closed for a public holiday.

Chinese equities also moved lower, even after the People’s Bank of China encouraged financial institutions to deploy available tools to help stabilize the stock market.

Currency markets showed a similar shift in sentiment. The yuan ended a 13-session advance, its longest winning run since 1996, after the PBOC directed banks to maintain higher foreign-currency reserves.

Iran Developments and US Elections Remain in Focus

Oil prices fell sharply as hopes grew that the conflict involving Iran could move closer to a resolution. Expectations of reduced geopolitical risks eased concerns about potential disruptions to energy supplies.

The decline in crude prices, however, did not translate into stronger demand for cryptocurrencies or equities. Investors remained cautious as technology stocks continued to weaken.

Attention is also turning to the US midterm elections, with Americans voting on Tuesday. Initial results are expected to emerge as Asian markets begin trading on Wednesday.

The election outcome could influence expectations surrounding US economic policy and financial regulation. Meanwhile, continued pressure on semiconductor shares, uncertainty over geopolitical developments, and cautious positioning ahead of the vote are keeping Bitcoin and the wider crypto market vulnerable to further volatility.