Bitcoin (BTC) is on pace for its fifth consecutive weekly decline, which would be its third-longest losing streak on record, as U.S. equity markets continue to sink.
Since the end of September, Bitcoin has fallen from $87,000 U.S. to a low of $76,500 U.S. The longest losing streak for the largest cryptocurrency lasted eight weeks in 2022.
Bitcoin and other digital assets continue to struggle as investors rotate out of technology stocks and those tied closely to the artificial intelligence (A.I.) trade.
The technology-heavy Nasdaq 100 index has now fallen into a correction, defined as a decline of 10% or more from recent highs.
Technology stocks have reversed lower after poor financial results from Alphabet (GOOGL) and Amazon (AMZN) spooked investors.
Apple (AAPL) reported quarterly results on Nov. 2 after markets closed and the widely held stock is down 4% in premarket trading on Nov. 3.
Also weighing on markets and crypto are the U.S. midterm elections taking place on Nov. 3. The results, which will decide control of Congress, add a layer of uncertainty to equity markets.
At the same time, crude oil prices are up 2% on Nov. 3 amid reports that the U.S. has resumed strikes on Iran.
Bitcoin ended October down nearly 10% after surging more than 40% in the year’s third quarter. The October decline was surprising as the month is typically the best time of the year for crypto.
In premarket trading on Nov. 3, BTC was trading at $77,500 U.S.
