Bitcoin dropped below $77,000 on Tuesday, November 3, after falling roughly 2% during Asian trading hours. The decline followed a broader sell‑off in technology stocks and heightened uncertainty ahead of the U.S. midterm elections.
Technology sector pressure
Semiconductor companies led the market weakness, with a major chip index shedding about 12% over three sessions. The Nasdaq 100 also fell around 10% from its recent peak, entering correction territory. Asian markets mirrored the trend, with South Korea’s Kospi index down more than 3% and other regional indices recording losses.
Election‑related uncertainty
Investors are monitoring the November 3 U.S. midterm elections, as potential changes in congressional control could affect future cryptocurrency regulation and market oversight. The political backdrop has contributed to a risk‑off stance among market participants.
Institutional activity
U.S. spot Bitcoin ETFs saw net withdrawals of about $643 million on October 30, indicating reduced institutional demand amid the broader market downturn.
Outlook
The $76,000–$77,000 price range remains a focal point for traders. A sustained move above $77,000 could lift short‑term sentiment, while continued selling may push the market toward lower support levels. Future price action is likely to be influenced by developments in technology stocks, election results, and institutional capital flows.
