Bitcoin slips under $77,000 in Asia amid US chip sell-off
Business
Bitcoin slipped 2% to just under $77,000 early Tuesday morning in Asia, wiping out its recent gains. The drop came as part of a bigger crypto sell-off linked to falling US chipmaker stocks.
With the US midterm elections coming up, investors are keeping a close watch since the results could shake up markets on November 4.
Kospi falls more than 3%
The chip sector slump hit Asian markets hard: South Korea's Kospi fell more than 3%, and the MSCI Asia Pacific Index dropped nearly 1%.
The Nasdaq 100 in the US is now down 10% from its peak.
Even with China's central bank trying to steady things, Chinese stocks slid and the yuan lost its long winning streak.
Meanwhile, other coins like ZEC, HYPE, and SOL also saw sharp losses.